Beasley, Allen, Crow, Methvin, Portis & Miles, P.C.

An Associated Press report Nov. 2 announced Dana Corp. has agreed to pay a total of $2 million to more than 7,000 personal injury claimants to settle asbestos lawsuits. The company, an auto-parts supplier, produced gaskets containing asbestos. A Nov. 15 hearing was set to review the proposed settlement.

Dana Corp. filed for bankruptcy protection in March 2006 as a result of suits brought against it in asbestos cases. The company manufactures axles, drive shafts and other automotive parts. According to the AP report, Dana is trying to exit bankruptcy protection through a reorganization plan that would allow creditors to collect between 72 and 86 percent on outstanding claims.

The story says Dana will address any asbestos-related personal-injury claims through the bankruptcy process as planned. As of June 30, there were 150,000 such claims. Court papers show about 7 percent of the claims are for mesothelioma and other cancer diagnosis, while the majority of the claimants had not yet become ill.

The AP says Dana pursued settlements to avoid costs of litigation.

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Tags: asbestos, bankruptcy, cancer, Dana Corp., mesothelioma, mesothelioma lawyer, personal injury

This entry was posted on Friday, November 2nd, 2007 at 11:33 am and is filed under Legal, News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.