Notes to the Interim report (unaudited)
14 Contingent liabilities
As stated in note 13, John Crane, Inc.(“JCI”) is involved in numerous law suits pending in the United States in which plaintiffs are claiming damages arising from exposure to, or use of, products containing asbestos.
Provision has been made for the cost of adverse judgments expected to occur within the next ten years. The Group anticipates that asbestos litigation will continue beyond this period; however, because of the uncertainty surrounding the outcome of litigation beyond this period, the cost of adverse judgments cannot be reliably predicted.
In addition to the JCI asbestos law suits, other companies within the Group are also involved in product liability and other litigation for which no provision is made due to the inherent uncertainty of the outcome.