N.J. Federal Court Approves Settlement of Honeywell Asbestos Securities Class Action

TRENTON, N.J. — A New Jersey federal court has granted final approval of a $10 million settlement of a securities class action accusing Honeywell International of understating its asbestos liabilities, finding the settlement and allocation plan are “fair, reasonable and adequate.”

In a May 3 order, the U.S. District Court for the District of New Jersey further found the certification of a class for settlement purposes is appropriate.

In 1999, Honeywell acquired Bendix friction materials and as a result faced substantial liabilities due to Bendix’s use of asbestos in its automobile brakes.

Honeywell shareholders filed the instant securities fraud …