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Garrett Files Complaint Against Honeywell In Asbestos Indemnity Suit

Garrett Motion Inc. (GTX) said it filed the complaint in its lawsuit against Honeywell International Inc. (HON), related entities and certain affiliated individuals in the Supreme Court of the State of New York.

The complaint detailed 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.

Garrett Motion said in the complaint that Top Honeywell executives devised Garrett's spinoff to offload the financial burdens of its asbestos liabilities; Honeywell did not negotiate the one-sided Indemnification agreement with Garrett.

Garrett Motion alleged that Honeywell incorporated onerous and unlawful covenants into the Indemnification Agreement that were uniquely designed to give Honeywell a veto over Garrett's key corporate decisions for 30 years.

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