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Article: Ruling Hands Dow Liability Relief.(Bankruptcy court ruling reversed for Dow Corning and Dow Chemical may be freed from liability)(Brief Article)
- Article from:
- Chemical Week
- Article date:
- November 22, 2000
- Author:
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A DISTRICT COURT JUDGE HAS REVERSED a controversial bankruptcy court ruling that has for almost one year prevented Dow Corning from implementing its proposed $3.2-billion plan for settling breast implant litigation. The ruling will also likely free Dow Chemical from liability, sources say. Dow owns 50% of Dow Corning.
U.S. bankruptcy court Judge Arthur Specter ruled late last year that a key provision in the proposed settlement plan--one that releases Dow Corning's shareholders from future liability claims--did not apply to plaintiffs who did not vote to approve the plan (CW, Jan. 5, p. 16). Plaintiffs were allowed to vote on the proposed plan; an estimated 90% ...