A trust set up to handle asbestos litigation against Pittsburgh Corning Corp. has reached a $178 million settlement with a group of 2,000 claimants who have been seeking relief since the 1990s .
In a deal disclosed in U.S. Bankruptcy Court in Pittsburgh, the $4 billion trust agreed to pay initially $38 million to the group, called the Cimino claims, which filed its cases against Pittsburgh Corning in Texas in the 1990s.
They will receive another $140 million if an arbitration panel decides in their favor. The trust had resisted paying the claims saying some of them never went to trial or their verdicts were overturned.
The trust was created to handle claims when Pittsburgh Corning emerged from bankruptcy in 2016. Thousands of people filed claims saying the company’s insulation products caused illnesses.
The trust is funded by PPG and Corning Inc. which were original joint venture partners in the company. Earlier this year, Plum-based Pittsburgh Corning was acquired by Owens Corning of Toledo, Ohio.
Source: Pittsburgh Corning trust reaches settlement with asbestos claimants
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