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Drugmaker to settle claims

Friday, Sept. 3, 2004 | 10:51 a.m.

NEW YORK -- Pfizer Inc., the world's largest drugmaker, agreed to pay $430 million to resolve personal-injury claims against a subsidiary that sold products containing asbestos in the 1970s.

The settlement will result in a third-quarter charge of $229 million, New York-based Pfizer said in a statement. Quigley Co., the subsidiary Pfizer bought in 1968, filed for bankruptcy protection in the U.S. Court in Manhattan today. Quigley at one time made materials used to coat steelmaking equipment.

Pfizer agreed to contribute $405 million over 40 years to a trust that will pay remaining and future claims against Quigley, whose only business since 1992 has been the management of the lawsuits. Pfizer and Quigley are named in 171,611 pending lawsuits that claim personal injury caused by exposure to asbestos, silica or mixed dust, according to the statement.

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