W.R. Grace Reaches Settlement Deal
It has been reported that W.R. Grace reached a deal yesterday regarding a number of claims filed by home and business owners concerning the use of asbestos in the attics of their properties. The individuals involved are claiming that Zonolite manufactured by Grace was used to insulate the walls and attics of the particular structures named in the lawsuit.
Zonolite was often used to insulate various parts of buildings many years ago but has since been found to be contaminated with asbestos.
Exposure to asbestos in any form can have a dangerous effect on the human lungs. There are a number of diseases caused by the harmful toxin including asbestosis, lung cancer, and mesothelioma. Due to the long latency period of such diseases treatment options are often very limited.
The $60 million deal reached by Grace will settle property damage claims filed by the individuals named in the suit.
In the deal filed with the Securities and Exchange Commission it is stated that no one claimant will be able to receive more than $4,125.
The deal involves W.R. Grace creating a twenty year trust fund that will allow individuals to file claims in the future. Grace has agreed to supply the trust fund with $30 million initially with an additional $30 million being placed in the fund in it’s third year. Starting with the fifth year $8 million dollars will be added to the fund each year that it falls below $10 million.
According to the agreement the funds are meant to pay for the removal of the Zonolite present in existing homes and businesses.