ATLANTA -- (BUSINESS WIRE) -- Feb. 17, l998 --
Today, Dow-Corning is offering to set up a plan in Bankruptcy Court to establish a fund to pay $3.0 billion to women who allege injuries due to defects in silicone breast implants.
This offer is $640 million above prior resolution plans. The total fund would be divided into two parts with one trust fund to pay women who settle and the other fund would be used for cases that go to court. $1.4 billion would pay the remaining creditors in Dow-Corning's Chapter 11 proceeding.
According to Netlaw, an Atlanta law firm representing implant claimants, "a fair plan must estimate the value of claims and pay fair awards," says Guerry Thornton and his partner Michael G. Leff. Thornton believes a plan should be pro-claimant and provide causation links to certain diseases.
"Any plan should be modeled after the $2.4 billion Dalkon Shield Trust which delivered fair awards consistent with historical values," says Thornton, whose firm collected over $40 million for Dalkon Shield victims in the A.H. Robins Chapter 11 case.
Silicone implants have caused an avalanche of claims against manufacturers and distributors. A separate plan has been established with an additional $2.0 billion. The products have been alleged to cause immune deficiency diseases.
FOR INFORMATION: Guerry R. Thornton, Jr., author: "Prosecuting Tort Claims in Bankruptcy Court", Personal Injury Review (Matthew Bender, 1988).
Member, American Trial Lawyers Association.
Visit Website at: http://www.netlaw.net