11 March 1999: According to a recent report, US-based Owens-Corning is to settle a US litigation on asbestos at a cost of about US$ 1.45 billion over two years, which involves claims by about 176,000 …
11 March 1999: According to a recent report, US-based Owens-Corning is to settle a US litigation on asbestos at a cost of about US$ 1.45 billion over two years, which involves claims by about 176,000 individuals. Further payments will bring the total cost to about US$ 2.7 billion. Owens is to meet the cost of the claim from a US$ 1.4 billion increase in its asbestos reserves and from a US$ 900 million after-tax charge. The settlement represents about 90% of claims.