09 November 1998 17:50 [Source: ICIS news]
HOUSTON (CNI)--Dow Corning and a committee made up of women with breast implant claims announced Monday final details of a proposed $3.17bn settlement to resolve breast implant and other product liability claims.
The plan, if approved by the court, would allow personal injury claims to move forward for the first time since Dow Corning sought protection from its creditors in May 1995.
After filing the new plan in US bankruptcy court in the eastern district of Michigan, the Tort Claimants Committee and Dow Corning issued the following statement: "This is a landmark settlement that provides a fair resolution for all parties in the bankruptcy case."
Both sides "have compromised so that women can finally resolve their claims," according to Dow Corning president Gary Anderson.
For the first time, women can combine up to three settlement choices, which result in base payments ranging from $2000 to more than $250 000 for those who meet requirements. The settlement includes the following terms:
Dow Corning, a global leader in silicon-based materials, is a Midland, Michigan-based corporation with shares equally owned by Dow Chemical and Corning.
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