ASBESTOS IN THE NEWS
ITT Corporation sees drop in quarterly profits after taking asbestos charge

ITT Corporation, the diversified global manufacturing company with headquarters in White Plains, N.Y., saw a decline in third-quarter profits after taking an asbestos charge for future asbestos injury claims.

ITT Corporation takes asbestos charge:

November 2, 2009 – Defense and industrial manufacturing company ITT Corporation saw a substantial decrease in third-quarter profits after a charge for asbestos claim liability.

As reported by Dow Jones Newswires, a $131-million asbestos liability charge has led to a 73-percent profit decrease for the conglomerate. ITT Corporation stated Friday its net income fell from $216 million to $59 million in the quarter.

The $131-million charge has reportedly been set aside for asbestos claims over the next decade. The asbestos exposure claims are purportedly attributed to the sale of asbestos containing pumps prior to 1985, which contained gaskets and packaging not manufactured by ITT.

The truth about asbestos

Despite the fatal diseases associated with asbestos exposure, asbestos is still imported and used in the United States for its insulation properties. The United States imported and used an estimated 1,820 tons of asbestos in 2007, according to the U.S. Geological Survey.

Government sources estimate that in the next decade more than 35,000 people nationwide will be diagnosed with the deadliest form of asbestos-related cancer, mesothelioma.

Mesothelioma is most often the result of asbestos exposure on jobs – and usually contracted through employers’ preference for quick profits over the expense of maintaining workplace health safety.

Time to seek justice

Weitz & Luxenberg has protected the legal rights of workers since 1986. And in that time the firm's mesothelioma lawyers have won several billion dollars in verdicts and settlements for clients.

If you have been diagnosed with mesothelioma and seek a free case review, please notify us through the communication form on this page. We will pursue your claim with vigilance to help you pay for medical bills, lost wages, and suffering.

Please know, the firm works on a contingency basis so there is no cost to you until we obtain a verdict or reach a settlement in your favor.