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Cooney & Conway
$3 Billion Asbestos Deal Reached by W.R.Grace Company to Pay Asbestos Victims
April 26th, 2008
Principals announced a $3 billion dollar agreement to resolve current and future asbestos claims with chemical manufacturer W.R.Grace & Co. and related entities, which will eventually allow the multinational corporation to emerge from bankruptcy with no further obligations for asbestos injury liability. Grace manufactured asbestos containing products from 1938 until the 1970's. Terms of the agreement will require Grace to make cash payments over a period of time into a trust fund for asbestos victims. Additional cash contributions will be paid to the trust by Sealed Air Corporation, and Fresenius Medical Corporation, both formerly affiliated with Grace. Grace agreed...
Source: Law & Health Weekly (2008-04-26)
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