Pfizer Asbestos 10K Extract:
Does anybody know of a good site for asbestos litigation issues? I am referring to PFE, which -- as stated below -- has about 200,000 outstanding asbestos claimants. The below excerpt is from PFE's 10k. Many companies (i.e., GE, VIA, MMM, HAL) have similar asbestos issues.
I've been looking at a few sites:
www.mesothel.com kazanlaw.com
If anybody has a site link that is objective with relevant & current asbestos news, I would appreciate it. Also, an interesting VIX article in Barrons today.
"Asbestos
In the 1960s, Pfizer acquired two businesses, the Gibsonburg Lime Products Company (GLPC) and Quigley Company, Inc., that had limited sales of minor products that contained small amounts of chrysotile asbestos and that now form the basis for the Company's asbestos litigation. Between 1967 and 1982, Warner-Lambert owned American Optical Corporation, which manufactured and sold respiratory protective devices and asbestos safety clothing.
Approximately 169,000 claims naming Pfizer and/or Quigley, and numerous other defendants, are currently pending in state and federal courts seeking damages for alleged asbestos exposure. Because many claimants name both Pfizer and Quigley, despite the fact that their work histories make exposure to both GLPC and Quigley products highly unlikely, the number of
claims overstates the number of claimants, which we estimate to be approximately 118,000. In addition, approximately 63,000 claimants have named American Optical as a defendant. Based upon available data and our experience in handling asbestos claims, we believe that the vast majority of plaintiffs do not have any impairing medical condition. For those claimants who do, we believe we have meritorious defenses and are defending these cases vigorously.
Since the inception of this litigation, Pfizer and Quigley have closed, through settlement for varying amounts or through litigation, in excess of 185,000 asbestos suits or claims. In the same period, American Optical has closed in excess of 40,000 such suits or claims." |
