Beware Drafters of Purchase Agreements — Unambiguous Terms in Stock Purchase Agreement Assigns Asbestos Liabilities to Purchasers
Plaintiff Cooper Industries brought a declaratory judgment against Precision Castparts Corp. and Wyman-Gordon Company, for defense and indemnification costs for personal injury asbestos lawsuits, pursuant to a stock purchase agreement between Cooper and Wyman. The plaintiff and defendants both filed summary judgments; the plaintiff’s summary judgment was granted in part, and the defendants’ summary judgment …