Contact Us

*    Denotes required field.

   * First Name 

   * Last Name 

   * Email 


Cell Phone 

Street Address 

Zip Code 



Have you (or the injured party) been diagnosed with:

If lung cancer, please further describe diagnosis and any other factors (i.e.smoking) that may have contributed to lung cancer:

What was the date you were diagnosed with TTP?

Please describe where you think exposure may have occurred:

What month(s) and year(s) do you believe exposure occurred?

If exposure occurred at work, please list name and address of employer:

What was occupation at time of exposure:

For verification purposes, please answer the below question:

No Yes, I agree to the Parker Waichman LLP disclaimers. Click here to review.

Yes, I would like to receive the Parker Waichman LLP monthly newsletter, InjuryAlert.

please do not fill out the field below.

Owens Corning Settles Suits

Dec 18, 1998 | CNNfn

Building materials supplier Owens Corning agreed Tuesday to pay out some $1.2 billion over the next two years to settle the 176,000 asbestos cases filed against the company.

The Toledo, Ohio-based company said more than 50 plaintiffs' law firms agreed to the settlement under its National Settlement Program, bringing to a close 90 percent of Owens Corning's existing backlog.

The program also establishes procedures and fixed payments for resolving future claims without litigation, for a term of at least 10 years.

The money will come from its existing cash and credit resources, including bank lines. Owens Corning, which stopped selling asbestos-containing products in 1972, said bank lenders already have endorsed the plan.

Under the NSP agreements, payments on future claims would begin in 2001 and will be subject to an annual aggregate cash flow cap.

Based on recent Supreme Court rulings and new information about pending and future litigation claims gained in the NSP negotiations, Owens Corning said it expects to increase its asbestos reserves by $1.4 billion this year, resulting in an after-tax charge against earnings of about $900 million.

"The National Settlement Program is a major achievement towards resolving Owens Corning's liabilities in one of the largest and longest-running mass tort litigations in the history of the United States," said Glen Hiner, chairman and chief executive of Owens Corning.

"It dramatically reduces the high cost of legal defense and the risk of excessive verdicts against Owens Corning, makes more predictable the costs of our asbestos liability going forward, and enables the company to focus on capital-efficient growth," Hiner added.

He noted that by agreeing to pay only those future claimants who meet agreed upon criteria, the company expects the total annual cash outflow related to its asbestos liability in 2002 to fall below $200 million before the benefits of insurance and tax proceeds.

Related articles
Parker Waichman Accolades And Reviews Best Lawyers Find Us On Avvo