Owens-Illinois (OI) Gets Favorable Ruling in McLean County Case
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Owens-Illinois, Inc. (NYSE: OI) issued the following statement concerning a favorable ruling handed down last Friday by a McLean County, Illinois, judge regarding a verdict issued on March 11, 2011, in an asbestos case.
“On August 31, 2012, a McLean County, Illinois, trial judge granted Owens-Illinois’ motion to vacate O-I’s portion of a nearly $90 million 2011 jury verdict in a case involving allegations that Owens-Illinois and other companies participated in a conspiracy to conceal or misrepresent information about the health risks associated with asbestos exposure. The McLean County trial judge entered judgment in O-I’s favor, a judgment that is subject to appeal. Of the damages vacated by this ruling, $9.6 million in compensatory damages had been assessed against all defendants and $40 million in punitive damages had been assessed against Owens-Illinois.
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“On August 31, 2012, a McLean County, Illinois, trial judge granted Owens-Illinois’ motion to vacate O-I’s portion of a nearly $90 million 2011 jury verdict in a case involving allegations that Owens-Illinois and other companies participated in a conspiracy to conceal or misrepresent information about the health risks associated with asbestos exposure. The McLean County trial judge entered judgment in O-I’s favor, a judgment that is subject to appeal. Of the damages vacated by this ruling, $9.6 million in compensatory damages had been assessed against all defendants and $40 million in punitive damages had been assessed against Owens-Illinois.
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