Owens Corning Loses Tobacco Firm Suit
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A Mississippi judge rejected claims by Owens Corning that tobacco companies should reimburse the asbestos maker for asbestos-related injury claims.
Asbestos companies have blamed cigarette smoking for thousands of workers’ injuries and millions of dollars in damages. Companies that previously manufactured products containing asbestos, including Owens Corning, have gone into bankruptcy paying the injury claims.
Circuit Judge Lamar Pickard affirmed the recommendation of the case’s special master and dismissed Owens Corning’s claims.
Toledo, Ohio-based Owens Corning, which filed for bankruptcy protection in October because of rising costs from asbestos lawsuits, said it would appeal the decision.
Shares of Owens Corning closed at $2.09, unchanged on the NYSE.
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