Pfizer, Quigley Seek Court Approval of Asbestos Settlement

Quoted from http://www.bloomberg.com/news/2011-03-22/pfizer-reaches-asbestos-settlement-that-may-end-quigley-unit-s-bankruptcy.html

Pfizer, Quigley Seek Court Approval of Asbestos Settlement

By Tiffany Kary – Mar 22, 2011 4:24 PM ET

Pfizer Inc. (PFE), the world’s largest drugmaker, reached a settlement with asbestos claimants that may bring an end to its Quigley unit’s seven-year-old bankruptcy case.

U.S. Bankruptcy Judge Stuart Bernstein refused to allow Quigley to exit Chapter 11 court protection in September, saying Pfizer had manipulated the bankruptcy process to benefit itself. Pfizer and a committee of asbestos claimants entered into an agreement on March 20 that may resolve their dispute over claims, according to court papers filed yesterday in Manhattan.

The accord “resolves the legal and equitable issues that existed under that plan, including enhancing distributions for current claimants and future demand holders, improving reorganized Quigley’s long-term feasibility, and rectifying concerns regarding good faith,” lawyers for Quigley wrote.

[Article continues at original source]

Comments

  1. rosario (sonny) ferrara says:

    i work at a steelmill for 32yrs i flied a claim in 1996 retire in 2000 my question is are these companys just waiting for for all of us to die so they dont have to pay out?

  2. rosario (sonny) ferrara says:

    i got a settlement statement from my lawyer in may of this year,incourging me to settle with pfizes for noncancers asbestos. when should i recived a check?

  3. Hello mr Danial my name is Ruth and i was reading your comments about Pfizer is seeking to challenge
    individual claims based onwhat the death cerfificate says.Also you said to fight Pfizer until all claims are settled
    The way i see this is that i thought our lawyers should be fighting for us because they get a piece of the pie also
    the less we get the less they get.They never call you to let you know what’s going on.I have been waiting for about 4 yr.You can email me at(hruth5940@yahoo.com)My God bless

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