Navigation Links
$3 Billion Asbestos Deal Reached by W.R.Grace Company to Pay Asbestos Victims

CHICAGO, April 7, 2008 /PRNewswire/ -- Principals announced today 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 that all of its remaining insurance coverage shall be used for the benefit of the asbestos victims. Grace also agreed that the trust fund shall receive warrants for its stock shares at an agreed price. The total value of the payments and equity is approximately $3 billion dollars. "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, but today's settlement represents a fair resolution for both the victims and Grace," said John D. Cooney of the Chicago law firm of Cooney and Conway. "It is appropriate at this time to remember that countless lives were lost and families damaged because of the needless use of asbestos products for many decades."

Mr. Cooney is a member of the negotiating committee for the settlement, as well as a member of the official Asbestos Creditors Committee appointed by the United States Trustee after Grace filed for bankruptcy protection in April 2001. At the time it filed for bankruptcy protection Grace stated that it had been named in 325,000 asbestos personal injury claims. Cooney, whose law firm represents asbestos plaintiffs, noted that many individuals had been diagnosed with asbestos disease since that time. "Workers and their families were unknowingly exposed to asbestos for most of the last century. Thousands of those people will be diagnosed with mesothelioma, a deadly cancer, in the future as a result of this exposure. By structuring this settlement as a trust fund, both present and future victims will be able to receive just compensation," Cooney stated.

The announcement of the settlement was made at a scheduled bankruptcy hearing before Judge Judith Fitzgerald in Pittsburgh this morning. It is expected that Judge Fitzgerald will set the matter for an additional hearing later this month.

SOURCE Cooney & Conway
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Naked Juice Brings Consumers Happiness by the Billions With First 100% Juice Smoothie Containing Probiotics
2. First-Ever List of the 5,000 Fastest-Growing Businesses Reports Total Revenue of $194.5 Billion
3. AHCA: Rescinding $2.7 Billion Medicare Cuts Top Issue for Fall Legislative Agenda
4. Tyco International Increases Quarterly Dividend 36 Percent to 15 Cents per Share; Initiates New $1 Billion Share Repurchase Program
5. Sponsor of Presidential Health Care Forum Has a $4 Billion Conflict of Interest: Kucinich
6. OEM Contract Manufacturing to Grow $11 Billion by 2011
7. New Study Finds Medicaid Under-Funds Long Term Care by $4.4 Billion Annually
8. Billions Directed to Baghdad ... Millions Rejected for Children
9. Billions Directed to Baghdad ... Billions Rejected for Children
10. U.S. Invests $9.3 Billion in Research to Improve Health Globally
11. New Report Estimates Cost of Low Health Literacy Between $106 - $236 Billion Annually
Post Your Comments:
(Date:11/29/2015)... ... November 29, 2015 , ... Doctors who missed a case ... recognize the signs of mesothelioma and push for a diagnosis, especially in people exposed ... Click here to read it now. , Researchers at Gifu Prefectural ...
(Date:11/29/2015)... CA (PRWEB) , ... November 29, 2015 , ... Key ... is proud to announce their December, 2015, featured apartment community: Epic. In showcasing this ... corporate housing in the tight Bay Area rental market to efficiently find housing suitable ...
(Date:11/28/2015)... ... ... Trying to relax on a couch can actually be uncomfortable, so an inventor ... to personal experience with a bad back," he said. , This easy-to-use, versatile invention ... increases support. It also makes it easier to eat, do other activities and charge ...
(Date:11/27/2015)... ... November 28, 2015 , ... There is only one ... our billings from last year? , This question has not been an easy question ... to the retirement age and the younger workforce don’t share the same discipline around ...
(Date:11/27/2015)... ... November 27, 2015 , ... According to an article published November ... they are handling security in light of the recent terrorist attacks in Paris, other ... to stop an attack from reaching U.S. soil. Especially around special events that may ...
Breaking Medicine News(10 mins):
(Date:11/29/2015)... Nov. 29, 2015  Strengthening its leadership in connected ... PHIA) today announced IntelliSpace Portal 8.0 , the ... visualization platform that helps radiologists detect, diagnose and follow-up ... Radiological Society of North America Annual Meeting (RSNA) ... 8.0 helps address the changing demands in radiology that ...
(Date:11/29/2015)... -- The GE Health Cloud 1 was unveiled today at ... North America (RSNA) meeting in Chicago ... cloud ecosystem and its applications will connect radiologists and clinicians ... teams – both inside and outside the hospital setting. ... "As the digital industrial leader, we are betting big on ...
(Date:11/27/2015)... November 27, 2015 Une ... photodynamique au Bremachlorin contre le cancer avancé. ... à combiner l,immunothérapie au traitement photodynamique au Bremachlorin ... Une nouvelle approche consistant à combiner ... cancer avancé.    Clinical Cancer ...
Breaking Medicine Technology: