Australia: CSR Wins $103m in Decade Old Asbestos Settlement

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Australia: CSR Wins $103m in Decade Old Asbestos Settlement

elymiles

12th April 2006

CSR has closed another chapter in its history of asbestos litigation by securing a settlement in a case spanning more than a decade with 48 insurers in Australia, Britain and Europe.

The building products and sugar company will receive a total of about $103.3 million before June 10 under the settlement, which, after legal costs, will amount to a $93 million addition to its profit.

CSR launched the litigation in the US state of New Jersey in 1995 to seek indemnity, damages and relief to cover its liabilities for US victims of the asbestos products it once manufactured. CSR claimed it was covered by the insurance policies it took out decades ago. The insurance companies disagreed and refused to pay up.

At September 30, 2005, CSR had a provision of $315.8 million for future asbestos claims.

Source: The Age