A lengthy corporate legal battle involving a long-time Marshalltown business has reached the Iowa Court of Appeals. Fisher Governor Company was founded in Marshalltown over a century ago. In 1969, the company merged with Monsanto and became known as Fisher Controls.
In 1992, Monsanto sold Fisher Controls to Emerson Electric Company. After that sale, a number of lawsuits were filed against Fisher Controls. That lawsuits sought damages for injuries allegedly caused by exposure to asbestos fibers contained in products manufactured by Fisher before that merger with Monsanto.
The legal issue here is whether Monsanto can be held liable and be ordered to pay off a share of those lawsuits. The Iowa Court of Appeals has reviewed countless corporate documents and ruled Monsanto, which is now known as Pharmacia, is not liable because those lawsuits were filed after Monsanto sold Fisher to Emerson.