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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) May 10, 1999
WHIRLPOOL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-3932 38-1490038
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(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
2000 M63 North, Benton Harbor, Michigan 49022-2692
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(Address of principal executive officers) (Zip Code)
(616)-923-5000
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Registrant's telephone number, including area code
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Item 5. Other Events
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The registrant issued a press release May 10, 1999, stating that its
former subsidiary, Whirlpool Financial National Bank, now known as Transamerica
Bank, N.A., plans to challenge two verdicts totaling approximately $581 million
rendered last Friday, May 7, 1999 in a state court in Alabama. The consolidated
trial involved claims relating to the financing of approximately $2,000 in
connection with the purchase of home satellite dishes by the plaintiffs.
The registrant believes, based on discussions with legal counsel, that it
will ultimately prevail in its challenge of the verdicts and that there will be
no material impact on operating results or the financial position of the
registrant as a result of this litigation.
Item 7. Financial Statements and Exhibits
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Copy of press release dated May 10, 1999 regarding the registrant's
intention to challenge the $581 million Alabama verdict against Whirlpool
Financial National Bank.
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SIGNATURE
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.
WHIRLPOOL CORPORATION
Registrant
Date: May 11, 1999 By: /s/ Robert T. Kenagy
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Name: Robert T. Kenagy
Title: Associate General Counsel and Secretary
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EXHIBIT 99
Christopher Wyse
616-923-3417
christopher j [email protected]
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WHIRLPOOL CORPORATION TO APPEAL ALABAMA VERDICT AGAINST
FORMER SUBSIDIARY
BENTON HARBOR, Mich. May 10, 1999 -- Whirlpool Corporation (NYSE: WHR)
today announced that its former subsidiary, Whirlpool Financial National Bank
(WFNB), now known as Transamerica Bank, N.A., plans to challenge two verdicts
totaling approximately $581 million rendered last week in a state court jury
trial in Hale County, Alabama. The consolidated trial involved claims relating
to the financing of approximately $2,000 associated with consumer purchases of
two home satellite dish systems.
The company strongly believes that it did nothing to warrant any finding of
liability in this litigation, much less $581 million. Furthermore, the company
is confident that it will ultimately prevail through the post-trial and appeal
processes as the verdicts are totally without merit and represent a gross
miscarriage of justice. The damage awards in this case are terribly unfair and
contrary to sound constitutional protections established by the Alabama Supreme
Court and the United States Supreme Court, according to the company.
The jury awarded the plaintiffs, Barbara Carlisle, and her parents, George
and Velma Merriweather, $975,000 in compensatory damages and $580 million in
punitive damages. The finding of liability was based an allegation that a
salesperson for the satellite dish retailer, Gulf Coast Electronics, misled the
plaintiffs regarding financing terms of the credit card loans. Gulf Coast
Electronics, an independent consumer electronics retailer, had no connection to
WFNB other than using WFNB as a source of consumer credit to finance purchases
by its customers, such as these plaintiffs.
Whirlpool Corporation sold WFNB to Transamerica Corporation in 1998.
Because the transactions at issue in the lawsuits occurred prior to the sale,
- more -
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Whirlpool Appeal--add one
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Whirlpool Corporation will be responsible for indemnifying Transamerica for the
liability, if any, ultimately imposed in this litigation.
Whirlpool Corporation is the world's leading manufacturer and marketer of
major home appliances. Headquartered in Benton Harbor, the company manufactures
in 13 countries and markets products under 11 major brand names in more than 170
countries. Additional information about the company can be found on the internet
at www.WhirlpoolCorp.com.
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