Judge Estimates Garlock Sealing Technologies
Resource from: EnPro Industries Likes:158
Jan 13,2014
CHARLOTTE, N.C., Jan 10, 2014 (BUSINESS WIRE) --EnPro Industries (NYSE: NPO) announced that Judge George Hodges of the United States Bankruptcy Court for the Western District of North Carolina today entered an order estimating the liability for present and future mesothelioma claims against EnPro’s Garlock Sealing Technologies LLC (GST) subsidiary at $125 million, consistent with the positions GST put forth at trial.
Judge Hodges’s opinion follows the completion of an estimation trial held in his court during July and August of 2013. The judge’s estimate is for mesothelioma claims only. Additional amounts may be necessary to resolve other disease claims and for trust administration costs. The opinion can be found under the investor relations tab on the EnPro Industries website (www.enproindustries.com).
In his opinion, Judge Hodges notes, “The estimates of Garlock’s aggregate liability that are based on its historic settlement values are not reliable because those values are infected with the impropriety of some law firms and inflated by the cost of defense. The best evidence of Garlock’s aggregate responsibility is the projection of its legal liability that takes into consideration causation, limited exposure and the contribution of exposures to other products. The court has determined that $125 million is sufficient to satisfy Garlock’s liability for the legitimate present and future mesothelioma claims against it.”
EnPro will hold a conference call at 9:00 a.m. Eastern Time on Monday, January 13 to review Judge Hodges’ opinion with investors and discuss next steps in the process. Investors may join the call by dialing (800) 851-4704 and the access code 30633099. The call will also be webcast on the company’s website, www.enproindustries.com.
About EnPro Industries
EnPro Industries, Inc. is a leader in sealing products, metal polymer and filament wound bearings, components and service for reciprocating compressors, diesel and dual-fuel engines and other engineered products for use in critical applications by industries worldwide. For more information about EnPro, visit the company’s website at http://www.enproindustries.com.
(EnPro Industries)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
Previous Parker TechSeal Introduces Custom Profile FFKM Seals with Outstanding Resistance to Aggressive Chemicals and High Temperatures of Up to 600°F
Next CLUFIX LAUNCHES THIRD GENERATION ASSEMBLY PROCESS FASTENER
Next CLUFIX LAUNCHES THIRD GENERATION ASSEMBLY PROCESS FASTENER
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
