Asbestos Claims. Since approximately 1990, FMC and various subsidiaries have been named as defendants in a large number of lawsuits that claim personal injury either from exposure to asbestos allegedly contained in electrical wire products produced or marketed many years ago or from asbestos contained in buildings and facilities located at properties owned or operated by FMC affiliates, or from alleged asbestos in talc products. Many of these suits involve a large number of codefendants. Based on litigation results to date and facts currently known, FCX believes there is a reasonable possibility that losses may have been incurred related to these matters; however, FCX also believes that the amounts of any such losses, individually or in the aggregate, are not material to its consolidated financial statements. There can be no assurance, however, that future developments will not alter this conclusion. Yonkers Site. From 1932 until 1984, FMC owned and operated a cable manufacturing facility on the Xxxxxx River in Yonkers, New York. FMC sold that operation in 1984, and it was subsequently sold to BICC Cables Corporation (BICC). BICC closed the facility in 1996. In 2005, Blackacre Partners OPS, LLC (Blackacre) began environmental cleanup work at the site using funding provided by FMC and BICC. One Point Street, Inc. (OPS), a real estate developer, has current title to the site. On September 9, 2011, OPS filed a complaint in the United States District Court for the Southern District of New York, which it amended on March 1, 2012. The amended complaint alleged that FMC, BICC and Blackacre failed to timely and diligently complete remediation of the site in breach of alleged obligations under CERCLA and New York Environmental Conservation Law, and under the contractual agreements among the parties. In fourth-quarter 2012, this matter was settled, and OPS will be completing the limited remaining cleanup work at the site using funds provided by FMC and BICC. Columbian Chemicals Company (Columbian) Claims. Columbian, formerly a subsidiary of FMC, has notified FCX of various indemnification claims arising out of the 2005 agreement pursuant to which Columbian was sold. The principal outstanding claims relate to (1) multiple mass tort suits pending against Columbian in West Virginia state court for alleged personal injury and property damage resulting from exposure to carbon black (the Carbon Black claims) and (2) an investigation being conducted by EPA of potential Clean Air Act violat...
Asbestos Claims. The term "Asbestos Claims" means any and all past, present and future claims, demands, actions, suits, proceedings, notices of partial or total responsibility, whether presently known or unknown, that seek compensatory, punitive or statutory damages, declaratory judgment, injunctive relief, medical monitoring, or any other form of relief whatsoever, on account of alleged bodily injury, personal injury, fear of future injury, medical monitoring, mental injury or anguish, emotional distress, shock, sickness, disease, or any other illness or condition, death, property damage, loss of use of property, or diminution in the value of property, arising from alleged, potential or actual exposure of any type or nature whatsoever to asbestos, an asbestos-containing product, and/or any other substance, product, matter or material in any form or state that contains or is alleged to contain asbestos, either alone or in combination with any other substance. The term "Asbestos Claims" also includes, without limitation, claims or suits alleging in whole or in part exposure to asbestos and/or asbestos containing products in addition to any other substance, chemical, pollutant, waste, or material of any nature as well as claims that involve, in whole or in part, alleged exposure to asbestos or asbestos containing products relating to or arising out of or from the installation, removal, manufacture, distribution, sale, re-sale, existence or presence (whether on premises owned or controlled by the Debtors or otherwise) of asbestos or an asbestos-containing product, either alone or in combination with any other substance. The term "Asbestos Claims" also includes the definitions of the following terms, as set forth in Section 1.2 of the Plan: ABI Asbestos Claim, Asbestos Personal Injury Claim, Asbestos Property Damage Claim, Asbestos Property Damage Contribution Claim, Indirect Asbestos Claim, and Unknown Asbestos Claim.
Asbestos Claims. The Agreement of Settlement dated ---------------- March 8, 1993, between Employers Insurance of Wausau and the Company with respect to insurance coverage for the Company's exposure for future asbestos expenses and liabilities is in full force and effect, and the Company believes it has defenses to any payment Employers Insurance of Wausau may assert it is due under such agreement.
Asbestos Claims. Section 12.1
Asbestos Claims. 32 SECTION 2.25. Revolving Credit and Security Agreement.. 33
Asbestos Claims. The following table reflects approximate information about the claims for Asbestos Liability against the subsidiaries and Ampco-Pitt Corp. for the three months ended March 31, 2020 and 2019: Total claims pending at the beginning of the period 6,102 6,772 New claims served 273 333 Claims dismissed (86 ) (90 ) Claims settled (108 ) (56 ) Total claims pending at the end of the period (1) 6,181 6,959 Gross settlement and defense costs (in 000’s) (2) $ 6,206 $ 2,789 Average gross settlement and defense costs per claim resolved (in 000’s) $ 31.99 $ 19.10
Asbestos Claims. (i) The Trustees shall favor settlement over arbitration or other form of alternative dispute resolution, arbitration or other form of alternative dispute resolution over resort to the tort system, and fair and efficient resolution of claims in all cases, while endeavoring to preserve and enhance the Trust estate.
(ii) The Trustees shall employ mechanisms such as the review of estimates of the numbers and values of Asbestos Claims, or other comparable mechanisms, that provide reasonable assurance the Trust will value, and be in a financial position to pay, present Asbestos Claims and future Demands that involve similar claims in substantially the same manner.
(iii) The Trustees shall administer the processing and payment of Asbestos Personal Injury Claims in accordance with the APICRP, as the same may be amended from time to time, in accordance with the provisions hereof and thereof.
(iv) The Trust may elect to prosecute before the Bankruptcy Court (and all appellate courts) to a final, non-appealable order objections to Asbestos Claims filed prior to the Effective Date. Between Confirmation and the Effective Date, prosecution of objections to Asbestos Claims filed between Confirmation and the Effective Date shall be stayed. Upon allowance of any part of such Asbestos Claim by a final, non-appealable order or settlement, the claimant will be paid in accordance with CRP.
Asbestos Claims. No claims have been made against any Member, or to USF's Knowledge, for which any Member could have financial responsibility, for injury, disability or death of any present or former employee of any Member related to or allegedly caused by asbestos.
Asbestos Claims. The following table reflects approximate information about the claims for Asbestos Liability against the subsidiaries and Ampco-Pitt Corp. for the nine months ended September 30, 2016 and 2015: Total claims pending at the beginning of the period 6,212 8,457 New claims served 1,105 1,109 Claims dismissed (649 ) (3,213 ) Claims settled (203 ) (256 ) Total claims pending at the end of the period 6,465 6,097 Gross settlement and defense costs (in 000’s) $ 13,762 $ 14,011 Average gross settlement and defense costs per claim resolved (in 000’s) $ 16.15 $ 4.04 A substantial majority of the settlement and defense costs reflected in the above table was reported and paid by insurers. Because claims are often filed and can be settled or dismissed in large groups, the amount and timing of settlements, as well as the number of open claims, can fluctuate significantly from period to period.
Asbestos Claims. (a) To the Knowledge of the Seller, from January 1, 2018 through August 31, 2022, all Asbestos Claims that have been received by the Company Entities through due service of process on the applicable Company Entity are provided to the Claims Database for inclusion therein. Since August 31, 2022, there are no Asbestos Claims served on the Company Entities and pending or, to the Knowledge of the Seller, threatened in writing against any Company Entity, in each case, that have not been included in the Claims Database and processed in accordance with the past practice of the Company Entities. To the Knowledge of the Seller, there are no demands for arbitration or mediation with respect to Asbestos Claims that are not reflected in the Claims Database.
(b) Section 3.13(b) of the Seller Disclosure Schedule sets forth the amounts of any settlements of, or Governmental Orders with respect to, Asbestos Claims that have been settled, enforced, agreed upon, or entered into from January 1, 2018 through August 31, 2022 (presented in aggregate amounts by calendar year and indicating the aggregate amount by calendar year the applicable Company Entity or a SPX Historical Party has already paid).
(c) The Seller has provided to the Purchaser a true, correct and complete copy of the final versions of the reports set forth on Section 3.13(c) of the Seller Disclosure Schedule (the “Reports”), and all material attachments, addenda, supplements, and modifications thereto. To the Seller’s Knowledge, all written information and data furnished directly by Seller and its Affiliates for use in the final version of the Reports were accurate in all material respects at the time they were provided.
(d) Notwithstanding anything in this Agreement to the contrary, the representations contained in Section 3.06(a)(i), Section 3.11(a)(i), in this Section 3.13 and Section 3.14 constitute the sole representations and warranties being made by the Seller in this Agreement with respect to Asbestos Claims.
