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UPDATE 1-AutoZone named as defendant in asbestos suits

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MEMPHIS, Tenn., Nov 26 (Reuters) - AutoZone Inc. , the largest U.S. automotive parts retailer, on Tuesday said it has been named as a defendant in asbestos lawsuits involving the sale of brake parts.

The Memphis, Tennessee company said it was named as a defendant along with numerous others in an "insignificant" number of lawsuits.

The retailer said it has never manufactured nor installed brake products and does not believe it has material liability in the cases. The company, which sells vehicle parts, chemicals and accessories through more than 3,000 stores, said it will vigorously defend each case.

Shares of AutoZone fell $1.39, or 1.7 percent, to $81.69 in late Tuesday morning trading on the New York Stock Exchange.

Last week, retailer Advance Auto Parts Inc. said in a regulatory filing it was named as a defendant in several lawsuits alleging injury from exposure to asbestos-containing products.

Advance Auto said other defendants in the lawsuits included automobile and automotive parts manufacturers as well as other retailers, adding that the damages claimed in some of the proceedings were "substantial." It said the products included brake and clutch parts and roofing materials.

Advance Auto said it believed it had valid defenses against the claims, and most would be at least partially covered by insurance. But it cautioned that an adverse verdict or a substantial increase in the number of claims could hurt operating results.

Shares of Advance Auto were down 5 cents at $50.41 on the NYSE.