Earlier this week, a federal bankruptcy judge gave his approval for an agreement made between W.R. Grace and the federal government.
The agreement will enable W.R. Grace to reimburse the government $250 million for the investigation and cleanup of asbestos in a local town in Montana.
Company Settles Bankruptcy Claims
W.R. Grace, which is a chemical maker based out of Columbia, agreed to settle the bankruptcy claim that was brought about by the government.
The settlement money will reportedly be used to recover money for the past and future cleanup of contaminated schools, businesses and homes throughout Libby, Montana.
The asbestos that has plagued the town for decades has supposedly been the cause of sickening hundreds of people, some whose lives have even been takes from the asbestos exposure.
Largest Settlement from Superfund Program
According to reports, this settlement marks the largest ever reached through the Superfund program that has been set up by the government.
James D. Freeman, an attorney for the Justice Department, claims that the settlement is a “substantial compromise” for the government.
However, it would force a quick payment that would allow the asbestos cleanup to continue.
(Source: Washington Post)
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