Honeywell International Inc must face a proposed class action alleging the industrial conglomerate misled investors by grossly underestimating its asbestos-related liabilities, a federal judge has ruled.
U.S. District Judge William Martini in Newark, New Jersey on Monday rejected Honeywell’s bid to dismiss the case, saying the complaint sufficiently alleged the company lacked a reasonable basis to estimate the liabilities tied to a company it acquired were only $616 million.
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