W.R. Grace to Pay Asbestos Victims $3 Billion

W.R. Grace reportedly announced today that they came to a $3 billion agreement regarding the current and future asbestos claims that have been brought against them.

The settlement will supposedly enable the corporation to emerge from bankruptcy without having further obligations for asbestos injury liability.

Agreement Reached for Ongoing Asbestos Problems

The asbestos problems that have been plaguing W.R. Grace Company stem from the asbestos containing products they produced from 1938 through the 1970’s.

According to the agreement, Grace will be required to make cash payments over an extended period of time to a trust fund set up for asbestos victims.

Sealed Air Corporation and Fresenius Medical Corporation, both affiliated with Grace, will be paying the additional cash contributions.

Victims to be Compensated

Grace has also agreed that the trust fund will receive warrants for its stock shares at an agreed price.

“The victims of asbestos poisoning and asbestos cancer have walked a long path to reach justice. Certainly nothing can replace the family members who have been lost as a result of their exposure to asbestos,” says attorney, John D. Cooney.

(Source: Sun Herald)

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