Abstract
Drugmaker Pfizer says it will pay $430 million to settle asbestos personal injury claims against a subsidiary, Quigley Co. In addition, Pfizer will contribute $405 million to a trust intended to compensate future claimants. To account for the cost, Pfizer plans to take a $229 million after-tax charge against earnings in the third quarter—the first of several charges to come. Acquired in 1968 when Pfizer was a more diversified company, Quigley made powdered insulation containing what Pfizer says were small amounts of chrysotile asbestos. The insulation, which the company stopped selling in the early 1970s, was used on pipes, boilers, and furnaces. As of the end of July, Pfizer and Quigley were named as defendants in 171,611 lawsuits, Pfizer says. Quigley's business since 1982 has been to manage its asbestos litigation. Quigley will file a reorganization plan in U.S. Bankruptcy Court for the Southern District of New York. That plan ...
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