On April 3, 2012, the Supreme Court of Ohio reversed the appellate court decision that had ruled that Judges Hanna and Spellacy were correct in denying our motion to dismiss Sager Corporation, a dissolved Illinois corporation, in which we had argued that a dissolved foreign corporation was no longer amenable to asbestos suits in Ohio. The Supreme Court of Ohio agreed with our position that the law of the state of incorporation controls and must be afforded full faith and credit, and concluded that asbestos claims filed against an Illinois corporation more than five years after dissolution are barred. We had previously eliminated all pending claims against Sager in Illinois, Indiana and Pennsylvania, based on the Illinois corporate dissolution defense, and this ruling keeps our record intact as we proceed across the country in the effort to eliminate all claims against this insured.
Read the decision here. (PDF opens in a new window.)