Mississippi Governor Signs Bill Shielding Successor Corporations from Asbestos Liability

JACKSON, Miss.- Mississippi's governor has signed into law a bill that limits the asbestos liabilities of certain companies when it is assumed through a corporate merger.

photo-1The measure, which was signed by Gov. Haley Barbour on April 20, limits the liability of successor corporations to the fair market value of their predecessor's gross assets at the time of the merger. The law, however, only applies to companies that became a successor prior to May 13, 1968. Press reports and sources in the Senate indicated that the law is designed to protect some 250 jobs at a Batesville, Miss., manufacturing plant …