TORONTO, November 25, 2022--NEO is proud to welcome CIBC back to the NEO Exchange with a suite of five new CDRs™ to expand their existing lineup to 35 global companies.
Honeywell (HON) agrees to make a lump sum payment of $1.3 billion for settling claims over its subsidiary NARCO's manufacture of asbestos products in the past.
The settlement, as part of a deal with North American Refractories Asbestos Personal Injury Settlement Trust, will help the aerospace manufacturer eliminate its funding obligations to the trust, the company said in a regulatory filing. Honeywell said the one-time, lump sum payment will have 'limited obligations' to the trust following the completion of the deal. The company's former unit, North American Refractories Company (NARCO), had filed for bankruptcy in 2002 after facing lawsuits over asbestos-related illnesses.