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Cooper Industries, Ltd.
Cooper Announces Decision by the Court Presiding Over the Federal-Mogul Bankruptcy on Pneumo-Abex's Participation in Federal Mogul's 524g Trust
October 18th, 2008
Cooper Industries, Ltd. (NYSE:CBE) announced that the U.S. Bankruptcy Court for the District of Delaware has not approved the Plan A settlement whereby the Pneumo-Abex asbestos claims would be settled through the Federal Mogul Corp. ("FMC") Asbestos Trust. The Court had previously approved Plan B whereby Cooper will receive $138 million from the Federal Mogul bankruptcy estate and will continue to resolve through the tort system the asbestos-related claims arising from the Abex Friction Products business that it had sold to FMC in 1998. Additionally, under Plan B, Cooper has access to Abex insurance policies with substantial remaining limits on policies with solvent insurers....
Source: Law & Health Weekly (2008-10-18)
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