ABB Settlement Finalized -- MesoLink.org -- 04-11-06

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The settlement figure of $1.43 billion put forward by ABB has now been finalized, enabling the Swiss-Swedish engineering company to settle the bulk of claims against it. This finalization will enable the company to put an end to many years of litigation.

A spokesperson stated that the plan is now final since no appeals were filed in court with regards to a revised settlement plan. The deadline for the submission of appeals was the end of March, by which time none had been filed.

The president and chief executive of ABB stated: "This is a milestone in the history of ABB.” He added: "We are very glad to have a resolution of this final issue, which removes significant uncertainty that has harmed ABB over the years."

Still pending are a number of claims against a subsidiary of ABB, Lummus. However, it is hoped that there will soon be an agreed settlement here as well, as in September 2005 ninety six percent of claimants agreed to the figure put forward.