13
2011
Pfizer Asbestos Settlement
After a seven year chapter 11 bankruptcy case, Pfizers, Quigley unit reached a settlement with asbestos claimants. Pfizer to contribute $264.9 million in cash and all of its stock into a reorganized Quiqley asbestos trust in exchange for asbestos claimants to waive all rights to a jury trial. The funds will be used to pay past and future claimants and is established as part of the bankruptcy reorganization under the U.S. Bankruptcy Court.
Asbestos is a known carcinogen and is a primarty contributor to asbestos related diseases, such as asbestosis, lung cancer, and mesothelioma. During the manufacturing of asbestos containing products, workers often inhaled the microscopic, needle shaped fibers. The fibers become lodged deeply in the lungs and other vital organs causing scarring and potentially various forms of asbestos related diseases including cancer.
Quigley a manufacturer for the steel industry, produced three products from the 1940′s to the 1970′s that contained asbestos. Pfizer purchased Quigley in 1968. The settlement still requires court approval.
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