Dow Corning reveals $3.2bn plan details

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:

• Women who want to settle their claims immediately and who do not intend to file a disease claim can select an expedited payment of $2000. They can also combine that payment with payments for implant removal surgery ($5000) and a ruptured implant ($20 000), if they qualify for those additional options.
• Women whose conditions qualify them for disease payments can receive payments ranging from $10 000 to $250 000 for the most serious medical conditions.
• Women have up to 15 years to file a disease claim and up to ten years to file a claim for implant removal.
• A woman still maintains her right to a jury trial, should she choose not to settle.

Dow Corning, a global leader in silicon-based materials, is a Midland, Michigan-based corporation with shares equally owned by Dow Chemical and Corning.

By: Mary Ann Tawasha
+1 713 525 2653

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