new west news brief

W.R. Grace to Settle Asbestos Claims

By Kyle Lehman, 4-08-08

On Monday, chemical company W.R. Grace agreed to an estimated $3 billion settlement to resolve current and future asbestos claims against the company, according to the AP.

“Certainly nothing can replace the family members who have been lost as a result of their exposure to asbestos, but today’s settlement represents a fair resolution for both the victims and Grace,” said attorney for the plaintiffs John D. Cooney.

If U.S. Bankruptcy Judge Judith Fitzgerald approves the plan, the company will pay $250 million in cash into a trust fund for asbestos victims, followed by deferred payments of $110 million per year for five years beginning in 2019 and $100 million per year for 10 years beginning in 2024.

W.R. Grace operated a vermiculite mine in Libby, MT from 1963 to 1990, where about 225 asbestos-related deaths have been confirmed.

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