Friday, Modine Manufacturing Co. (MOD), a manufacturer and marketer of thermal management products, said that it has reached a settlement in principle in connection with litigation against Modine for alleged environmental contamination in McCullom Lake Village, McHenry County, Illinois, where Modine operates a manufacturing facility.According to the agreement, 22 personal injury cases filed in the Philadelphia Court of Common Pleas and an alleged class action lawsuit that was filed in federal court in the Eastern District of Pennsylvania were settled. However, litigation against other named companies in the lawsuits continues.Modine has operated its manufacturing plant in McHenry since it opened in 1961. The 325-employee facility produces cooling modules, condensers and oil coolers and like all Modine plants, has received ISO 14001 certification for environmental management systems.Modine said that in addition to a payment to the various plaintiffs of a fixed amount in the state court cases, representative plaintiffs, plaintiffs' counsel, Aaron Freiwald and Modine would be proposing to the federal court a class settlement that would involve specified funds for medical monitoring and property claims for appropriate individuals who lived or owned property in the McCullom Lake Village area.Specific terms of the settlement were not disclosed and Modine has not admitted liability in any way by the settlement. Settlement is contingent on execution of a mutually agreeable settlement agreement and approval by the various courts in each case.Modine's Vice President of Americas, James Rulseh stated, Although we are convinced that the scientific evidence indicates that we are in no way responsible for any of the illnesses or damages alleged to have resulted from the asserted environmental contamination, we believe it is both appropriate and in the best interest of our shareholders, employees and global business operations to settle this matter at this time.MOD's shares are currently trading at $15.34, up 46 cents or 3.09% from its previous closing of $14.88.
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