Several federal agencies including the Environmental Protection Agency and the Department of Agriculture have reached a settlement deal for cleanup claims filed against the chemical and materials company W.R. Grace & Co.
Bankruptcy Court
The company filed Chapter 11 bankruptcy in 2001 after being hit with a flood of lawsuits related to asbestos and other toxic products.
Since then, a number of government agencies have filed claims against Grace in bankruptcy court to recover the costs associated with environmental cleanup of contaminated sites in 17 states including South Carolina, New Jersey, Wisconsin, Minnesota, and others.
The Proposed Deal
Under the proposed deal, the bankruptcy claims would be canceled and the government would receive about $36 million for cleanup costs. Some of the money would be used to pay for costs incurred during the probe into the company’s mining operation in Libby, Montana.
In January, hearings will be held to determine how much Grace owes asbestos plaintiffs. Lawyers say the company owes more than its worth.
(Source: Boston.com)
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