Pfizer Isn’t Shielded From Some Asbestos Claims, Court Rules

Quoted from http://www.bloomberg.com/news/2012-04-10/pfizer-isn-t-shielded-from-some-asbestos-claims-court-rules.html

Pfizer Isn’t Shielded From Some Asbestos Claims, Court Rules

By Tiffany Kary and Bob Van Voris – Apr 10, 2012 1:48 PM ET

Pfizer Inc. (PFE) isn’t entitled to protection from some asbestos claims related to its non- operating bankrupt Quigley Co. unit, according to a federal appeals court ruling.

Quigley, founded in 1916, made three products for the steel industry from the 1940s to the 1970s that contained asbestos. Pfizer bought Quigley in 1968, and the company stopped most operations in 1992, filing for bankruptcy in 2004. Pfizer has said it never made or sold any Quigley products, and some claimants hadn’t released Pfizer from alleged “derivative liability.”

U.S. Bankruptcy Judge Stuart Bernstein that found Quigley’s bankruptcy barred certain lawsuits against Pfizer. A May 2011 decision in district court reversed the order, and Pfizer had appealed that ruling.

[Article continues at original source]

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