A $17.9 million settlement was recently reached in the case against W.R. Grace & Co.
The specialty chemical company, which has been under attack for quite some time, has finally settled eight asbestos property-damage claims as part of its Chapter 11 case.
Settled Case
According to court reports, Grace denied allegations that there was any wrongdoing, but said that they agreed to settle since it’s in the best interest of its Chapter 11 estates to avoid further expenses.
Under the settlement, the defendants, including the Port of Seattle, the state of Washington and CHP associates, will be compensated.
The Port of Seattle will receive the largest amount of the settlement, $14. 5 million and the state of Washington is set to receive just over $2 million.
W.R. Grace Files for Bankruptcy
The settlement came about three months after the bankruptcy court ruled in favor of asbestos claimants.
The company filed for bankruptcy shortly after they were faced with millions of dollars in asbestos liabilities and asbestos-related lawsuits.
Asbestos Claims
Other claimants named in the settlement include, the Church of the Most Holy Redeemer in Minnesota, the Church of St. Helena in Minneapolis and The American Legion of Fargo.
Reports show that Grace may owe up to $5 billion in asbestos liabilities.
(Source: Houston Chronicle)
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