$430 Million Asbestos Claim Fund Set Up By Pfizer -- MesoLink.org -- 08-24-04

Pfizer Inc. has revealed that it will be settling all lawsuits filed against it and its subsidiary, Quigley Co. with a $430 million fund. This is to settle over two hundred thousand claims that are filed against the company and its subsidiary.

The claims have been made by parties that have been affected by asbestos and related material, which was used in products sold by Quigley Co. until the 1970s.

Pfizer will be setting up a fund that can deal with both current and future claims that may arise from this period. It is thought that the subsidiary, Quigley Co., will be filing for Chapter 11 bankruptcy subject to approval from the courts and the majority of claimants.

Quigley Co. became a subsidiary of Pfizer in 1968, and the products containing asbestos and related substances were only sold by Quigley Co. until the early 1970s, but during this period many people that bought the products suffered the effects of asbestos exposure, the result of which are now coming to light.

Asbestos exposure is the known cause of mesothelioma, a malignant cancer affecting the lungs, abdomen, or heart, and can reduce the sufferer’s life span to a matter of months. However, the disease does not manifest for several decades following exposure, hence many of the people that used the asbestos products sold by Quigley are only just finding out the tragic consequences.