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ASBESTOS LITIGATION: Western Auto Facing Injury, Exposure Suits
Advance Auto Parts, Inc.'s Western Auto subsidiary has been named as a defendant in lawsuits alleging injury as a result of exposure to asbestos-containing products, according to the Company's annual report filed with the Securities and Exchange Commission on March 4, 2009.
The Company and some of its subsidiaries also have been named as defendants in many of these lawsuits.
The plaintiffs have alleged that these products were manufactured, distributed and sold by the various defendants. To date, these products have included brake and clutch parts and roofing materials. Many of the cases pending against the Company or its subsidiaries are in the early stages of litigation.
The damages claimed against the defendants in some of these proceedings are substantial. Additionally, some of the automotive parts manufacturers named as defendants in these lawsuits have declared bankruptcy, which will limit plaintiffs' ability to recover monetary damages from those defendants.
The Company may enter into discussions regarding settlement of these and other lawsuits, and may enter into settlement agreements, if it believes settlement is in the best interests of the Company's shareholders. The Company said it believes that most of these claims are at least partially covered by insurance.
Headquartered in Roanoke, Va., Advance Auto Parts, Inc. operates within the United States automotive aftermarket industry, which includes replacement parts (excluding tires), accessories, maintenance items, batteries and automotive chemicals for cars and light trucks (pickup trucks, vans, minivans and sport utility vehicles).
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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.
This material is copyrighted and any commercial use, resale or publication
in any form (including e-mail forwarding, electronic re-mailing and photocopying)
is strictly prohibited without prior written permission of the publishers.
Information contained herein is obtained from sources believed to be reliable,
but is not guaranteed.
The Lloyd's Asbestos Litigation Reporter subscription rate is $575 for six months delivered via e-mail.
Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof, are $25 each.
For subscription information, contact Christopher Beard at 240/629-3300 ext 1.
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