ABB One Step Closer To Asbestos Settlement

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ABB One Step Closer To Asbestos Settlement

January 13th, 2006

The Swiss engineering group ABB is a step closer to resolving its asbestos settlement issues after being backed by a US Bankruptcy Court with regards to its latest settlement plan.

The scheme had been revised prior to being submitted to the bankruptcy courts for approval, and having received this approval now required only approval from the US District Court. If the $1.43 billion settlement plan receives backing from the US District Court too, then ABB can start looking toward the future.

The asbestos litigation issues have faced ABB for years, and should the new settlement plan receive backing all the way, this will prove to be years of turmoil and uncertainty for the company. The settlement proposal will offer protection to ABB and its subsidiaries with regards to further litigation once the settlement has been approved and dealt with, which is good news for the firm.

The Chief Executive of ABB, Fred Kindle, stated: "We are very pleased with this decision. The court ruling is a further vital step towards a final resolution of the asbestos issue." Official expect the District Court hearing to be soon, when the company will find out whether it is being backed all the way on the settlement.

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