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RSA and GM reach agreement over asbestos claim
01 August 2008
Insurance firm RSA has reached a settlement with the American car giant General Motors (GM) over an estimated £506 million asbestos claim.
The Telegraph reports RSA has ended litigation between the two parties following the four-year standoff.
A figure has finally been agreed between the two, although it has not been made public.
The paper says the dispute started in 2004 when GM approached a subsidiary of RSA to say it was covered for compensation claims made by employees who suffered asbestos-related injuries.
Although the subsidiary was later sold on, GM brought a litigation case against it and other parts of RSA, which said the firm was not covered for the claims.
The Telegraph says the final settlement is thought to be "nowhere near" the original £506 million figure.
General Motors is the world's largest car maker and employs around 284,000 people worldwide, with its headquarters in Detroit, Michigan, US.
