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March 13, 2009 |
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ASBESTOS LITIGATION: 122 Lawsuits Pending v. IntriCon at Dec. 31 IntriCon Corporation is still a defendant in about 122 asbestos lawsuits as of both Dec. 31, 2008 and Dec. 31, 2007, according to the Company's annual report filed with the Securities and Exchange Commission on March 10, 2009. These suits allege plaintiffs have or may have contracted asbestos-related diseases as a result of exposure to asbestos products or equipment containing asbestos sold by one or more named defendants. These lawsuits relate to the discontinued Heat Technologies segment which was sold in March 2005. Certain insurance carriers have informed the Company that the primary policies for the period Aug. 1, 1970-1973, have been exhausted and that the carriers will no longer provide a defense under those policies. The Company has requested that the carriers substantiate this situation. The Company still faced 122 asbestos-related lawsuits as of Sept. 30, 2008. (Class Action Reporter, Dec. 5, 2008) Headquartered in Arden Hills, Minn., IntriCon Corporation designs, develops, engineers and manufacturing body-worn devices and electronic products. Products include micro-miniature injection-molded plastics, microelectronics, micro-mechanical assemblies and complete assemblies, primarily for bio-telemetry devices, medical equipment, hearing instruments, electronics, professional audio and telecommunications devices and computers. |
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