Cooper Industries to Pay $307.5 Million to Settle Pneumo Abex Asbestos Claims
Cooper Industries has reportedly settled an indemnification lawsuit. and agreed to pay Pneumo Abex asbestos trust $307.5 Million. The trust funds will be used to pay victims of asbestos exposure.
Asbestos is a known carcinogen and the known cause of certain diseasesuch as mesothelioma, a rare and fatal medical condition. Asbestos has also been linked to lung cancer and asbestosis. For decades, victims of asbestos exposure have filed claims against the companies who mined, manufactured and sitributed asbestos fiber.
Pneumo Abex LLC is a holding company for its predecessor, The Abex Corporation, that was one of the largest manufacturers of asbestos brake linnings.