Proposed Settlement for 7,500 Dana Corp. Asbestos Claimants
According to an article in today's Houston Chronicle, Toledo, Ohio-based auto parts supplier Dana Corp. has agreed to settle 7,500 personal injury claims arising out of asbestos-laden gaskets manufactured by the company. In an effort to resolve the claims without the necessity of further litigation, Dana Corp. has offered to settle the lawsuits for a total of $2 million. The company, which produces axles, driveshafts and other auto parts, filed for Chapter 11 bankruptcy protection back in March 2006. As part of its reorganization plan, unsecured creditors are able to recover between 72-86 percent on their claims. As of June 30, approximately 150,000 asbestos-related personal injury claims were leveled against the company, 7% of which alleged mesothelioma or cancer. According to Dana, the majority of cases filed against the company don't involve Dana products and are usually dismissed. This latest settlement is expected to resolve approximately 7% of the mesothelioma claims and 4% of the cancer claims against the company.
[...] or cancer due to asbestos-containing automotive gaskets manufactured by the company. (See Proposed Settlement for 7,500 Dana Corp. Asbestos Claimants, posted 10/29/07). As part of its Chapter 11 reorganization plan, unsecured creditors would be [...]
[...] seeking similar settlements. For more information on the Dana Corp. settlement, see below Proposed Settlement for 7,500 Dana Corp. Asbestos Claimants, posted 10/29/07 and Committee Pushes for Details of Dana Corp. Settlements posted [...]