Garrett Motion Files Complaint Against Honeywell in Asbestos Indemnity Suit
Garrett Motion Inc. (GTX)
Last garrett motion inc. earnings: 2/27 07:00 am
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Source: Business Wire
104-Page Filing Details How Honeywell Foisted Its Legacy Asbestos Liabilities Upon Garrett Through An Unenforceable 30-Year Indemnification Agreement ROLLE, Switzerland--(BUSINESS WIRE)--Garrett Motion Inc. (NYSE: GTX) today filed the complaint in its lawsuit, initiated on Dec. 2, 2019, against Honeywell International Inc. (NYSE: HON), related entities and certain affiliated individuals in the Supreme Court of the State of New York.The complaint details how Honeywell and its executives, and not Garrett’s current management, devised Garrett’s spinoff to offload Honeywell’s more than $1 billion legacy Bendix asbestos liability, while saddling Garrett with unconscionable and illegal covenants that unnecessarily limit its ability to control its long term future. Garrett’s complaint includes the following assertions:Top Honeywell executives devised Garrett’s spinoff to offload the financial burdens of its asbestos liabilities. In October 2018, Honeywell spun off what remained of its Tr
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