Word: dalkon
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Economy & Business A.H. Robins files for bankruptcy after a barrage of Dalkon Shield suits. AT&T will cut out 24,000 jobs. A tainted-tomato scare...
...Minneapolis. Denouncing Robins for "monstrous mischief" and "corporate irresponsibility at its meanest," the judge ordered a search of the company's files. After combing through documents at Robins' Richmond headquarters, court-appointed officials said they found strong evidence that the company had covered up its knowledge of the Dalkon Shield's dangers. To make matters worse for Robins, Roger Tuttle, a former attorney for the company, testified that he had destroyed internal documents relating to the Dalkon Shield on orders from his bosses. Robins flatly denied Tuttle's testimony, but it helped produce the largest jury verdict against the company...
Those hurt by the Dalkon Shield can take some comfort in what has happened in the Manville case. Though the asbestos victims have already waited three years for compensation, the company's proposed $2.5 billion settlement is, in the opinion of some experts, probably more than the plaintiffs could have won by pursuing their suits individually. Under the plan, Manville shareholders would bear the brunt of the cost. They would have to put at least 50% and perhaps as much as 80% of their stock into a trust fund to settle the asbestos suits. Moreover, Manville has pledged that after...
Some stock analysts are confident that Robins will overcome its Dalkon Shield ordeal. Says Louis Hannen of Wheat, First Securities in Richmond: "The company will survive in some form or other." Concludes Craig Dickson of Interstate Securities in Charlotte, N.C.: "Anything that allows Robins to separate its problems with the Dalkon Shield from its basic businesses will benefit the company, and probably all concerned...
Robins officials insisted last week that the firm was not trying to dodge its responsibilities. Says William Cogar, an attorney representing Robins: "We don't for a moment question that every business creditor for Robins will be paid and that every meritorious Dalkon Shield claimant will be compensated." The bankruptcy petition, in the company's view, is merely a way to buy time so that it can settle later...