Best Of The Best Share Discussion Threads

[maywillow] 05/5/2003 08:28

ZURICH (AFX) - Court hearings related to ABB Ltd's proposed asbestos package
will continue on May 12-13, though no new complications arose last week, a
company spokesman said.
Hearings were held in the competent USbDelaware court on May 1-2 but there
was not enough time to complete all the hearings, he said.
"For ABB this does not mean complications. We are confident we can reach an
agreement settlement," he said.
ABB back in January put aside 1.2 bln usd to settle pending asbestos claims.
Once the hearings have been completed it will take a couple of days for the
judge to write her ruling, followed by a 30 day appeal period in the wake of the
ruling's publication.
The sale of ABB's oil, gas and petrochemicals division is on track for 2003
and not connected to the 10-day delay of the asbestos case, the spokesman added.
[e-mail]
de/cmr

[maywillow] 28/4/2003 11:47

LONDON (AFX) - General Electric Co may be hit by a further 800 mln usd in
costs for asbestos-related claims, more than originally expected, following a
recent ruling in New York state court, reported the Wall Street Journal.
The newspaper said that to date nearly 300,000 cases from individuals who
had contact with turbines that were insulated with the material have been
settled and covered by insurance. But the recent ruling suggests GE may have to
pick up more of the tab.
It said that at stake is at least 800 mln usd in secondary insurance
coverage for future and current claims that could be lost, according to lawyers
for some of GE's insurers.
However GE spokesman Gary Sheffer told the Wall Street Journal that the
number is "speculative."
According to GE court documents and defense lawyers in the case, the
company has a total of 2.6 bln usd in secondary insurance, or "excess"
insurance, to cover its asbestos and environmental-related claims, including the
estimated 500 mln usd Hudson River cleanup, reported the newspaper.
The 2.6 bln usd includes the 800 mln usd in dispute.
In the April 7 ruling, New York Supreme Court Judge Ira Gammerman found that
GE is responsible for the first 5 mln usd in coverage on each claim filed by
individuals who were exposed to asbestos in GE-manufactured products.
The ruling covers asbestos policies issued from 1965 to 1985; asbestos
insurance was generally unavailable after 1986. The majority of those claims are
related to asbestos-insulated turbines installed around the country.
After the first 5 mln usd, GE can then tap its "excess insurers," which
provide a second layer of insurance, it said.
Since GE's claims typically don't exceed 5 mln usd, GE would have to rely
mostly on its primary insurance policy if the ruling is upheld on appeal. GE's
primary insurer, Electric Mutual Liability Insurance Co, which was a GE
affiliate, became insolvent in 1995.
[e-mail]
mcc/cmr

[waldron] 25/4/2003 04:52

US$ 100 Billion Fund

[maywillow] 17/3/2003 19:35

LONDON (AFX) - Wolseley PLC, the building products and plumbing supplies
group, has again moved to play down concerns over its exposure to asbestos
litigation in the US.
The group said there has been no profit and loss account charge in relation
to asbestos claims and no such charge is expected to arise in the future.
"The asbestos claims we're talking about are still in the hundreds rather
than thousands," finance director Steve Webster told reporters on a conference
call.
"The estimated liability is immaterial and we don't expect any P&L effect
going forward. We're in a unique position in the industry because we have full
insurance cover and the experience we've had in the first half is bang in line
with expectations."
The group reported a 2.7 pct increase in pretax profit before goodwill
amortisation to 201.1 mln stg, against 195.9 mln stg the previous year, at the
lower end of market forecasts which ranged from 200-210 mln stg.
It is confident that the US housing market will not weaken and sees the
current rate of 1.6 mln new housing starts a year being at least maintained.
"The demand for housing in the States should be substantial for the next
twenty years," chief executive Charles Banks told reporters.
"Between immigration, people living longer, more single parent families, and
more second home families, we think that the band will be more in the 1.7 mln
range," he added.
The group derives around a third of its sales from the US housing market.
Finance director Steve Webster confirmed the company is pursuing a number of
acquisition opportunities and has a target spend of 200 mln stg per annum but he
added it will "continue to be selective" when appraising opportunities.
The shares closed at 500 pence, up 21.
mps/slm/

[maywillow] 05/3/2003 10:25

WINTERTHUR (AFX) - Sulzer AG has taken provisions for anticiapted legal
defence work related to asbestos cases, but feels these cases are "without
merit," Sulzer said.
"These are cases without merit. We don't expect this issue will materially
affect future results. Provisions have only been taken for anticipated legal
defence work," it said.
Sulzer did not reveal the amount of asbestos provisions booked.
The Sulzer unit concerned by the the asbestos charges, Sulzer Pumps USA, was
named in 38 cases by the end of January 2003, but these are all multi-defendant
cases in which hundreds of other parties were also cited, it said.
"If settlements were to happen, it is unlikely to be comparable to that of
other prominent asbestos cases," it said.
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at/de/jkm/

[waldron] 21/2/2003 07:08

Halliburton

[maywillow] 11/2/2003 20:30

Trying to put a limit on the claims.

[maywillow] 26/1/2003 21:03

Can anybody explain why there should be asbestos in the tube

[ariane] 23/1/2003 14:56

Turner and Newell ex employees fight for compensation

[waldron] 17/1/2003 23:31

Honeywell to settle claims

[maywillow] 17/1/2003 08:03

ABB gets plan green light

[maywillow] 14/1/2003 15:47

Travelers takes a hit

[maywillow] 28/12/2002 10:38

ABB might well have a Happy New Year after all.

BEST Wishes

[maywillow] 20/12/2002 06:54

Honeywell settles,but what about the others

[maywillow] 19/12/2002 08:52

Haliburton to pay up

[maywillow] 16/12/2002 00:08

ABB: All will be known by Year End

[maywillow] 14/12/2002 23:17

The Come Clean

[waldron] 01/12/2002 20:40

Xansa Shareholders won`t be pleased,and Monday will be a down day.

[maywillow] 01/12/2002 20:06

An other who came a Cropper.