August 20, 2013 – Pfizer Inc. is responsible to pay asbestos claims in the amount for $964 million as part of a bankruptcy plan for one of their subsidiaries that produced asbestos-containing products from the 1940s to the 1970s. The subsidiary, Quigley Company, was facing a staggering 160,000 asbestos lawsuits in 2004 when they filed for bankruptcy. Quigley, which shut down operations in 1992, produced the well-known, asbestos-containing product Insulag that displayed the Pfizer logo on its packaging. While Pfizer denies it ever produced or sold the product, the Supreme Court recently ruled that Pfizer must assume liability for the harm it’s subsidiary has caused, just as it would assume the financial rewards.
To put Pfizer’s bankruptcy liability into perspective, the $964 million figure they are required to pay pales in comparison to the previously estimated $4 billion in asbestos liability for future claims against Pfizer. This bankruptcy plan unbinds Quigley and Pfizer from asbestos lawsuits concerning Quigley products, allowing them to pay for only a fraction of the damages they owe while relinquishing responsibility.
While companies that produced asbestos-containing materials face financial burdens, the suffering endured by asbestos victims takes a massive toll on the entire family. Asbestos exposure can lead to a wide variety of serious and deadly illnesses. This includes asbestosis, lung cancer and mesothelioma, a deadly form of cancer that attacks vital internal organs in the body. The dormant period between when asbestos exposure occurs and when it is diagnosed can take decades. Accordingly, companies like Quigley can still be held liable for victims that become sick today. Treatment for asbestos exposure is difficult, mainly due to the long lag period that allows the diseases to enter advanced, deadly stages.
Shein Law Successfully Fights for Compensation for New Jersey and Pennsylvania Asbestos Victims
Asbestos-related diseases and injuries are complex cases that require an expansive understanding of asbestos litigation. For the same reasons that make asbestos-related diseases especially difficult to diagnose, asbestos cases require experienced lawyers that can prove when and how the exposure occurred. Trust the Philadelphia asbestos lawyers of Shein Law to aggressively pursue your case and determine the responsible parties. Contact us online or call us at 1-877-SheinLaw (743-4652), to discuss the facts of your asbestos-related matter and how our experienced attorneys can assist you in obtaining just compensation. We have offices in Philadelphia, PA and Pennsauken, NJ, but will meet with you at a location most convenient for you and your family.