Clapper, Patti, Schweizer and Mason

Asbestos has been used for years in automotive parts, construction products and in manufacturing because it is fireproof and long lasting. The fibers are virtually undetectable in the air and can be fatal when inhaled or swallowed. In 1998, Cooper sold its automotive products business (Abex Friction Products) to Federal-Mogul. Three years later, Federal-Mogul filed for bankruptcy because of 365,000 lawsuits seeking millions in damages in asbestos liability claims. At the time, Federal-Mogul proposed a trust that would pay those claims; however, the U.S. Bankruptcy Court for the District of Delaware didn't approve the settlement. Instead, Cooper will receive the $138 million and continue to resolve through the legal system the asbestos related claims against it from the business Cooper sold to Federal-Mogul. Cooper has access to Abex insurance policies with substantial remaining limits on policies with solvent insurers. Both sides seemed pleased with the decision. "The judge's ruling eliminated a remaining issue in our Chapter 11 case," a Federal-Mogul spokesman said. Cooper Chief Executive Kirk S. Hachigian was also "pleased that the decision has been made and can now move forward."