;Although we are disappointed in the lost opportunity that resulted from the fourth-quarter fire in our Cheyenne coking unit, we are very proud of the nearly $500 million of net income we reported this year," said Gibbs in a statement. Earlier in the quarter, the company agreed in principle to pay $10 million to settle lawsuits brought by more than 1,000 former students, employees and nearby residents of Beverly Hills High School in California who claimed emissions from nearby oil fields operated by a Frontier subsidiary caused cancers and various other health problems. The settlement is subject to approval by the Los Angeles Superior Court, which should resolve all litigation against the company, including pending appeals. "We are pleased to be able to put this litigation behind us," said Gibbs, when the settlement was announced in October. "The proposed settlement will remove uncertainty inherent in this litigation, minimize future legal costs, and allow us to focus on the business of the company." Frontier said its share of the cost is $6.2 million, which will be funded through its commutation account with the insurance provider. When the first lawsuits were filed in 2003 the company paid $6.25 million to an insurance provider for loss-mitigation and funded with the insurance company a $19.5 million account to cover policy costs, including defense claims. Frontier will retain the insurance in the event of additional claims. The subsidiary, Wainoco Oil & Gas Co., owned and operated the oil field from 1985 to 1995. IndustryWeek Webcast How Auto Supplier American Specialty Cars Reduced Product Development Waste Get a first-hand perspective on how leading automotive supplier ASC Global is going lean. You'll hear from American Specialty Cars vice chairman Chris Theodore during this April 10 webcast. Learn how ASC has worked to streamline processes and eliminate waste from its product development program, the role product lifecycle management (PLM) principles have played, and the key benefits realized -- including improved real-time communication, increased innovation and faster time-to-market. Can't attend? Register anyway and we will send you an email when the archive is available. IW Best Plants Conference Your Chance To See The Manufacturing Czar In a JUST ANNOUNCED special keynote at the IW Best Plants Conference, William G. Sutton, U.S. Commerce Department Assistant Secretary for Manufacturing and Services, will discuss the state of U.S. manufacturing and answer YOUR questions. Come see the "Manufacturing Czar" along with other speakers such as James McCaslin, President and COO of Harley-Davidson Motor Co, Todd Teske, Executive Vice President & Chief Operating Officer, Briggs & Stratton Corporation, and ESPN's Lee Corso in Milwaukee on April 1-3. Click here to see the entire program and register today. 1998-2008 Penton Media, Inc. All rights reserved. Media's Privacy Policy you for reading IndustryWeek's Leadership Insights From The IW 50. You are buy onlined as To purchase from Leadership Insights From The IW 50, please visit Purchase.

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