Pfizer Inc.’s Quigley Co. received permission to end almost nine years of bankruptcy under a plan that resolves most asbestos claims against the former insulation maker.
Quigley manufactured asbestos-containing products from the 1940s to the 1970s, including Insulag, a powdered insulation. Pfizer, the world’s largest drug maker, bought the company in 1968. Pfizer stopped most operations in 1992 and filed for bankruptcy in 2004 due to over 160,000 lawsuits.
When a company files for bankruptcy, the company is protected from lawsuits. Once the business files, its new legal entity can no longer be sued. U.S. Bankruptcy Judge Stuart Bernstein approved a Chapter 11 plan under which Pfizer will contribute assets worth $958 million to resolve the thousands of asbestos lawsuits against the company. Bernstein rejected a prior plan almost three years ago, saying Pfizer was improperly using Quigley’s bankruptcy to shield itself from asbestos claims.
The ruling means that people like a 62-year-old woman in Arkansas, whose father died in 1999 of mesothelioma after years of working for Quigley Co., may get payments on their claims.
Manufacturers Who Used Asbestos
In 1977, the Consumer Product Safety Commission banned the use of asbestos in consumer products due to the hazardous nature of materials that contain this substance. However, existing stocks of asbestos-containing construction materials were used until those stocks were exhausted in the mid-1980’s.
Those who have prolonged or excessive exposure to asbestos that occurs during many industrial and construction-related tasks are at risk of developing an asbestos-related disease.
If you or someone you love used or worked around asbestos-containing products and have been diagnosed with mesothelioma, you may have legal options for compensation. Contact our firm today at 1 (888) 637-6347 for a free, no-obligation consultation.
Did You Know: When asbestos is not floating in the air, it is generally safe. The danger comes when people cut, tear, mix or disturb the fibers.