Cooper Industries, Ltd. (Form: 8-K)  

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     
Date of Report (Date of Earliest Event Reported):   July 6, 2006

Cooper Industries, Ltd.
__________________________________________
(Exact name of registrant as specified in its charter)

     
Bermuda 1-31330 98-0355628
_____________________
(State or other jurisdiction 		_____________
(Commission 		______________
(I.R.S. Employer
of incorporation) File Number) Identification No.)
      
600 Travis, Suite 5800, Houston, Texas   77002-1001
_________________________________
(Address of principal executive offices) 		  ___________
(Zip Code)
     
Registrant’s telephone number, including area code:   713-209-8400

Not Applicable
______________________________________________
Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 1.01 Entry into a Material Definitive Agreement.

On July 6, 2006, Cooper Industries and other parties involved in the resolution of the Federal-Mogul Corporation bankruptcy proceeding reached a revised agreement regarding Cooper’s participation in Federal-Mogul’s 524(g) asbestos claimants’ trust. By participating in this trust, Cooper will resolve its liability for asbestos claims arising from Cooper’s former Abex products business. The proposed settlement agreement is subject to court approval, approval of 75% of the current Abex asbestos claimants and certain other approvals. The settlement will resolve more than 38,000 pending Abex claims. Future claims will be resolved through the bankruptcy trust, and Cooper will be protected against future claims by an injunction to be issued by the court upon plan confirmation. In addition to the terms for participation in the Federal-Mogul 524(g) trust, the revised agreement provides Cooper with a resolution of its claims against Federal-Mogul in the event that Cooper's participation in the Federal-Mogul 524(g) trust is not approved for any reason.

Key terms and conditions of the settlement, including the identity of the parties to the agreement, are described in the Company’s press release attached hereto as Exhibit 99.1.





Item 9.01 Financial Statements and Exhibits.

Exhibits

99.1 Company press release dated July 7, 2006 titled "Cooper Industries Reaches Revised Agreement To Resolve Abex Asbestos Liabilities Through Federal-Mogul Bankruptcy Trust."





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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

         
    Cooper Industries, Ltd.
          
July 7, 2006   By:   /s/ Diane K. Schumacher
       
        Name: Diane K. Schumacher
        Title: Senior Vice President, General Counsel and Chief Compliance Officer

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Exhibit Index


     
Exhibit No.   Description
 
99.1
  Company press release dated July 7, 2006 titled "Cooper Industries Reaches Revised Agreement to Resolve Abex Asbestos Liabilities Through Federal-Mogul Bankruptcy Trust."