Remington Bankruptcy Leaves $500M Question Over Pending Legal Claims
Image by Mitch Barrie
Remington Outdoor Co.’s decision to seek court protection brings up the question of whether people with pre-existing legal claims against the company will be made whole.
Bloomberg reports that lawsuits over firearms defects and the use of its weapons in the Sandy Hook attack were pending when the company filed for bankruptcy, and the company has moved to suspend those cases.
As reporters Eliza Ronalds-Hannon and Polly Mosendz write: “As much as $500 million could hang in the balance. Remington, which is owned by Cerberus Capital Management, is embroiled in litigation over trigger defects on guns such as its iconic Model 700 rifle, as well as another lawsuit by survivors of the children and teachers killed in the 2012 elementary school shooting in Newtown, Connecticut. Bushmaster, owned by Remington, manufactured the firearm used in that massacre, which left 26 dead. ”
