Corporate
Jul. 7, 2010
Uh-Oh, SpaghettiOs
Companies who don't consider product recall insurance essential can bet on their SpaghettiOs that it's a safeguard against significant expenses, says Deborah Stein of Simpson Thacher & Bartlett.
Product recalls seem to be all the rage lately, from SpaghettiOs to Children's Tylenol to, of course, Toyotas. Yet as commonplace as recalls may have become, many companies are not insured for costs associated with them. And these costs can be quite significant. For example, when Kellogg Co. recalled crackers with potentially contaminated peanut butter last year, the recall reportedly cost Kellogg $70 million. Likewise, many months...
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