ABB to reorganize subsidiaries to resolve asbestos claims

[Rose Siding]

ZURICH, Switzerland -- ABB Ltd., the Swiss-Swedish electrical engineering giant, said Monday it has reached an agreement to reorganize two of its subsidiaries to resolve asbestos claims against the company.

ABB will pay an additional $232 million into a trust fund to settle outstanding claims under an amended plan to reorganize its Winsdor, Conn.-based Combustion Engineering and Lummus subsidiaries, the company said.

ABB has been involved in a decade-long courtroom battle with people who claim to have been exposed to ABB products. The new plan should fully address issues raised in a December 2004 judgment by the 3rd U.S. Circuit Court of Appeals in Philadelphia, as well as objections raised by some asbestos claimants, the company said.
...
The company stood on the brink of bankruptcy two years ago because of the spiraling asbestos claims in the United States and a weak global economy, and posted a record net loss of $783 million in 2002.

http://www.newsday.com/news/local/wire/connecticut/ny-bc-ct--switzerland-abb-a0321mar21,0,7203240.story?coll=ny-region-apconnecticut

Cheney's old companies are connected with asbestos litigation but I hadn't heard about Rumsfeld's ABB involvement- he was on the board between 1990 and '01.

http://www.swissinfo.org/sen/Swissinfo.html?siteSect=161&sid=1648385

[shraby]

1. Google ABB + Rumsfeld

then check and see what they sell...has to do with nuclear stuff.

[Rose Siding]

2. The link I posted is to an article about that

titled "Rumsfeld was on ABB board during deal with North Korea"