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ASBESTOS LITIGATION: Constellation, BGE Face 513 Pending Claims
Constellation Energy Group, Inc. and subsidiary Baltimore Gas and Electric Company face 513 asbestos-related claims, according to the Company's annual report for the year ended Dec. 31, 2008 filed with the Securities and Exchange Commission.
Since 1993, BGE and certain Company subsidiaries have been involved in several actions concerning asbestos. The actions are based upon the theory of "premises liability," alleging that BGE and the Company knew of and exposed individuals to an asbestos hazard. In addition to BGE and the Company, numerous other parties are defendants in these cases.
About 513 individuals who were never employees of BGE or the Company have pending claims each seeking several million dollars in compensatory and punitive damages.
Cross-claims and third-party claims brought by other defendants may also be filed against BGE and the Company in these actions. To date, most asbestos claims that have been resolved have been dismissed or resolved without any payment and a minority has been resolved for immaterial amounts.
Headquartered in Baltimore, Constellation Energy Group, Inc. is an energy company that includes a merchant energy business and Baltimore Gas and Electric Company, a regulated electric and gas public utility in central Maryland.
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Lloyd's Asbestos Litigation Reporter
is a weekly newsletter distributed every Friday co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and
Beard Group, Inc., Frederick, Maryland, USA.
Copyright 2008. All rights reserved. ISSN: 1945-4694.
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Additional e-mail subscriptions for members of the same firm
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