February 3rd, 2008
A judge with the US Bankruptcy Court has decided that the settlement reached between an automotive parts maker and asbestos victims is valid. The settlement will total almost $2 million.
This week, a US Bankruptcy Court judge approved the settlement between Dana Corp, an Ohio-based automotive parts maker, and asbestos victims. A committee representing other asbestos victims that have lawsuits pending against the company contested the settlement. The judge indicated that the terms of the settlement were made available, and Dana Corp could move forward with the settlement. This will also allow the company to exit its Chapter 11 bankruptcy filing.
The victims suing Dana Corp said that exposure to parts made by the company could or have made them ill, since some of the parts contain dangerous asbestos. Dana Corp said that the settlement would be offered to those claimants that have medical proof of an asbestos-related disease, such as mesothelioma or asbestosis. Dana Corp estimates that only 7,500 of the 150,000 claimants will be entitled to a settlement from this agreement, since only about seven percent of the 150,000 claimants are currently ill with mesothelioma or other asbestos-related diseases. Mesothelioma results from asbestos fibers being breathed into the lungs, when the particles become trapped and keep the lungs from absorbing oxygen.
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