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W.R. Grace to pay up to $140M in Montana asbestos case
W.R. Grace & Co. http://www.grace.com/ has agreed to pay up to $140 million to settle a class-action lawsuit stemming from its use of an attic-insulating product that contained asbestos.
The specialty chemicals maker company will pay $30 million cash into a trust fund, an additional $30 million cash after three years, and make up to 10 additional annual payments of $8 million if certain conditions are met, it said in a filing with the Securities and Exchange Commission.
The payouts stem from the company’s sale of Zonolite attic insulation, a loose-fill vermiculite product that can contain naturally occurring asbestos. Zonolite was installed in millions of homes throughout the U.S. and Canada. The hundreds of thousands of lawsuits filed against the product pushed W.R. Grace into bankruptcy protection in 2001.
BY ERNEST SCHEYDER, AP Energy Writer
Full Story: http://missoulian.com/articles/2008/12/02/bnews/br55.txt
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