Cooper Industries to pay $307.5 Million towards Asbestos Claims against Pneumo Abex

Cooper Industries has reached an agreement through a settlement with Pneumo Abex LLC to have one of its subsidiaries pay approximately $307.5 million into a trust for asbestos related personal injury claims, according to Reuters.

The electrical and utility products manufacturing company, which had entered into a mutual guaranty agreement with Pneumo Abex and Danaher Corp to fulfill certain obligations relating to any asbestos-related personal injury claims incurred by Pneumo Abex, agreed to the payment as a way to end a lawsuit that had previously been brought against it.

The settlement also stipulates that Pneumo Abex’s parent company – and one of its affiliates – contribute $5 million to the trust, and $15 million back to Pneumo Abex, Reuters reported.

Pneumo Abex, a subsidiary of PCT International Holdings Inc, has found itself included in a number of lawsuits connecting them to asbestos-cancer-related deaths. A simple Google search turns up no less than three mesothelioma lawsuits naming the company have already turned up in 2011.

Mesothelioma and asbestosis are both deadly illnesses that are caused primarily by prolonged exposure to asbestos fibers. If you were exposed to asbestos while working for a company and have since developed one of these illnesses, it may be worth pursuing a mesotheliomalawsuit that could potentially result in a substantial asbestos settlement. If you think that a mesothelioma attorney could help prove your illness was caused by a specific entity’s negligence, please contact Sokolove Law for a free legal consultation.