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Armstrong says gets favorable asbestos ruling
LANCASTER, Pa., Oct 24 (Reuters) - Armstrong World Industries, the main operating subsidiary of floor covering maker Amstrong Holdings Inc. , said on Thursday a bankruptcy court judge had issued a favorable ruling on asbestos-related claims.
Armstrong Holdings, in bankruptcy proceedings since December 2000 to resolve its liability for asbestos personal injury claims, said Judge Randall Newsome had granted Armstrong's motion to exclude evidence presented by the plaintiffs' expert witnesses.
"The court has accepted Armstrong's argument that a significant group of asbestos claims are based on speculation and not sound science," Ken Jacobs, Armstrong's deputy general counsel for litigation, said in a statement.
Armstrong said it faces claims alleging more than $852 million in damages related to floor tiles containing asbestos.
Shares in Armstrong Holdings were up 39 cents, or 29.6 percent, at $1.71, in midday New York Stock Exchange trading. ((Emily Kaiser, U.S. Consumer Products and Retail Team, 312 408 8787, e-mail emily.kaiser@reuters.com))
LANCASTER, Pa., Oct 24 (Reuters) - Armstrong World Industries, the main operating subsidiary of floor covering maker Amstrong Holdings Inc. , said on Thursday a bankruptcy court judge had issued a favorable ruling on asbestos-related claims.
Armstrong Holdings, in bankruptcy proceedings since December 2000 to resolve its liability for asbestos personal injury claims, said Judge Randall Newsome had granted Armstrong's motion to exclude evidence presented by the plaintiffs' expert witnesses.
"The court has accepted Armstrong's argument that a significant group of asbestos claims are based on speculation and not sound science," Ken Jacobs, Armstrong's deputy general counsel for litigation, said in a statement.
Armstrong said it faces claims alleging more than $852 million in damages related to floor tiles containing asbestos.
Shares in Armstrong Holdings were up 39 cents, or 29.6 percent, at $1.71, in midday New York Stock Exchange trading. ((Emily Kaiser, U.S. Consumer Products and Retail Team, 312 408 8787, e-mail emily.kaiser@reuters.com))