Corning to Settle Asbestos Lawsuits
Corning Inc. agreed to pay $300 million to settle 12,400 asbestos lawsuits stemming from a pipe-making joint venture.
The agreement clears Corning from all asbestos liability. Claimants sued its Pittsburgh Corning Corp. joint venture with PPG Industries Inc., forcing the venture to seek bankruptcy protection in 2000. PPG, facing 100,000 claims, agreed in May to pay $2.7 billion.