McDermott Proposal to Settle Asbestos Injury Cases Affirmed by Judge

NEW ORLEANS - A federal Louisiana judge recently affirmed McDermott International Inc.'s proposal to settle 300,000 asbestos injury claims for $375 million to $975 million depending on whether Congress creates a national trust fund for asbestos cases. In Re: The Babcock & Wilcox Company, Debtor. No. 2:00-cv-00558 (E.D. La.).

Judge Sarah S. Vance of the U.S. District Court for the Eastern District of Louisiana signed the agreement on Jan. 17 as part of a bankruptcy reorganization plan for Babcock & Wilcox Co., a wholly owned unit of McDermott, which has been named as a defendant in many asbestos lawsuits.