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Legal news report-New York mesothelioma cancer lawyers.
New York Federal District Court judge rules against GM owners and asbestos injury claims.
New York, NY -U.S. Federal Bankruptcy Judge in New York, Robert Gerber, ruled against appeals filed by toxic tort and product liability lawyers, on behalf of asbestos claimants and car accident victims who have been litigating against the sale of most of General Motors (GM) assets. The plaintiffs and their civil trial attorneys were attempting to have their appeals bypass the Federal District Court, as reported by the New York Times.
Attorneys representing alleged injured consumers asserted the U.S. Treasury was using a bankruptcy action to buy out GM’s most desirable assets. Top plaintiff’s attorneys charged with protecting consumers rights in the federal courts assert the sale and bankruptcy of the American auto maker would leave behind liabilities such as the personal injury claims filed against GM The claimants further argue the new reorganized GM should continue to be responsible for the claims filed by injured victims before the automobile manufacturer’s reorganization. Treasury Department leaders and General Motor’s unsecured creditors committee have objected the request by the alleged injured parties.
As of March 31, 2009, the estimated cost of future product liability claims against GM is suspected to reach around $934 million, with the asbestos related claims reaching $627 million. Asbestos and asbestos containing materials are known human carcinogens. Primary and secondary exposure to asbestos fibers can cause incurable respiratory illnesses and diseases including mesothelioma lung cancer. General Motors, based in Detroit, Michigan, claimed the sale to the U.S. Treasury Department is the company’s only option. GM filed bankruptcy protection on June 1, 2009, and plans to close the sale, quickly, after any stay of the Federal Judge’s approval orders expire.
Legal news report by New York mesothelioma cancer lawyers. News Source: JusticeNewsFlash.com – Press Release Distribution