A U.S. Bankruptcy Court has approved a $1.43 billion settlement of the remaining asbestos lawsuits against ABB Ltd., allowing the company to return to investment-grade credit status.
ABB said it plans to compensate 135,000 people exposed to asbestos used by its Connecticut-based Combustion Engineering unit. Asbestos litigation drove the Swiss company into bankruptcy two years ago.
ABB has paid $900 million to settle thousands of U.S. asbestos cases. The settlement of the remaining suits will boost the company's credit rating, which was depressed by the uncertainty of its legal liabilities ...
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