|
|
|
|
|
|
| Judge vacates prior jury verdict against O-I |
PERRYSBURG, Ohio, Sept 5, 2012 - (ACN Newswire) - Owens-Illinois, Inc. (NYSE: OI) today 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.
Owens-Illinois is pleased with this ruling. The ruling is consistent with O-I's position that it did not conspire with anyone concerning asbestos health hazards. It also is consistent with a prior Illinois Supreme Court decision that granted Owens-Illinois judgment in a similar case. Owens-Illinois did not change its financial outlook after the 2011 jury verdict, and does not anticipate any change to its 2012 financial outlook as a result of this ruling."
About O-I
Owens-Illinois, Inc. (NYSE: OI) is the world's largest glass container manufacturer and preferred partner for many of the world's leading food and beverage brands. With revenues of $7.4 billion in 2011, the Company is headquartered in Perrysburg, Ohio, USA, and employs more than 24,000 people at 81 plants in 21 countries. O-I delivers safe, effective and sustainable glass packaging solutions to a growing global marketplace. For more information, visit www.o-i.com .
For more information, contact:
Stephanie Johnston
O-I Corporate Communications
+1-567-336-7199
StephanieJohnston@o-i.com
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Owens-Illinois, Inc. via Thomson Reuters ONE
Topic: Press release summary
Source: Owens-Illinois, Inc.
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
