Crane Co. Terminates Asbestos Settlement

CHICAGO -- Crane Co. has opted to terminate its involvement in the asbestos Master Settlement Agreement, citing a change in case law stemming from a decision released by the U.S. 3rd Circuit Court of Appeals involving Combustion Engineering.

The manufacturer said on Jan. 24 that the 3rd Circuit's opinion constituted a 'material change' in the case law governing the structure of transactions which provide relief for asbestos defendant companies.

'The Court's opinion, in [Crane's] view, constitutes a material change in the case law regarding Section 524(g) transactions, and accordingly, on January 24, 2005, the Company exercised its right to terminate …