Navigation Links
$3 Billion Asbestos Deal Reached by W.R.Grace Company to Pay Asbestos Victims
Date:4/7/2008

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 b
'/>"/>

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

0

GOOD

Page: 1 2

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:
*Name:
*Comment:
*Email:
(Date:2/9/2010)... research group of Dr. Franois Robert, a researcher at ... collaboration with the team of Dr. Daniel Durocher (Samuel ... technical breakthrough: they mapped all the fragile sites of ... . The method used by the researchers can be ... today in the scientific journal Nature Structural and ...
(Date:2/9/2010)... launched the nation,s first comprehensive research and training ... FBI has called "the crime of the 21st ... to food additives to auto parts- accounts for ... and has a major impact on health and ... Terrorist and other organized crime groups use proceeds ...
(Date:2/9/2010)... may be more effective in persuading young women to ... same issue, according to a new study. , Researchers ... about a teen pregnancy felt more vulnerable two weeks ... support for using birth control. , However, those who ... teen pregnancies were unmoved, and had no change in ...
(Date:2/9/2010)... Rockville, MD -- The first results from a ... Sub-Saharan African countries reveal that a high percentage ... substandard quality and thus may contribute to the ... , the most virulent form of malaria. The ... of Medicines (PQM) Program, a USAID-funded program implemented ...
(Date:2/9/2010)... YORK , Feb. 9 The ... Glover Blackwell : ,, "Reversing the childhood obesity epidemic ... Michelle Obama demonstrated today. ,, "As ... attend schools loaded with chips and soda -- and ... children, however, that bleak food landscape extends far beyond ...
Breaking Medicine News(10 mins):Health News:Researchers map all the fragile sites of the yeast Saccharomyces cerevisiae's genome 2Health News:Researchers map all the fragile sites of the yeast Saccharomyces cerevisiae's genome 3Health News:MSU launches first anti-counterfeiting research program 2Health News:MSU launches first anti-counterfeiting research program 3Health News:TV drama can be more persuasive than news program, study finds 2Health News:TV drama can be more persuasive than news program, study finds 3Health News:TV drama can be more persuasive than news program, study finds 4Health News:One-third of antimalarial medicines sampled in 3 African nations found to be substandard 2Health News:One-third of antimalarial medicines sampled in 3 African nations found to be substandard 3
... of Bone and Mineral Research study by Indiana University-Purdue University ... fractures later in life. The study is now available in ... in a print edition in 2007. ,'Our ... of fractures later in life, and the old exercise adage ...
... to a International Labor Organization (ILO) report issued on Dec ... unable to work partially or fully due to// HIV and ... ILO added that the virus had a crippling effect on ... the virus has among children has threatened the future working ...
... Allergo Sorbent Test’ (RAST) machine, has been designed at ... the source allergen. ,An allergy is regarded ... it perceives as unsuitable. Hay fever, migraine, asthma, allergic ... the common allergic responses. ,At a press ...
... Scientists at Kings College, London have developed a new drug ... concept on which the drug is based on is that ... is prevented, thus sperms are not propelled out of the ... the control of schizophrenia and blood pressure, to which researchers ...
... implanted devices in their hearts face risks. The devices called ... allow an easy passage of// blood. It is inserted into ... that are coated with drugs are more liable to suffer ... times greater when compared to patients who use stents that ...
... with support from National Institute of Health and ... (ICMR), conducts// Sentinel Surveillance every year among high-risk ... the results of HIV prevalence in different population ... prevalence states where HIV prevalence among antenatal mothers ...
Other Medicine News:Health News:Exercise In Childhood Provides Lifelong Benefits 2Health News:ILO Reports On The Crippling Effects Of HIV On The Workforce 2Health News:Using Heart Stents Tends to Form More Clots 2
(Date:2/9/2010)... TechTeam Global, Inc ., (Nasdaq: ... technology outsourcing and business process outsourcing services, announced ... director of global life sciences services. Roumans will ... ongoing capability enhancement in support of TechTeam,s life ... of experience in the life sciences industry, most ...
(Date:2/9/2010)... , February 9 Hoya Corporation ... December 31, 2009 .,Net sales were 106.8 billion ... 112.7,billion yen in the same period last ... 13.8% increase from 16.6 billion yen in ... orders and productivity. Compared to the second,quarter ended ...
(Date:2/9/2010)... , Feb. 9 Sanofi-aventis (EURONEXT: ... that it has successfully completed its tender offer for ... ( CHTT).   ,, The tender offer and withdrawal ... time, on February 8, 2010 .  The ... as of the expiration time, approximately 18,611,072 shares of ...
Breaking Medicine Technology:TechTeam Global Appoints Life Sciences Services Director 2TechTeam Global Appoints Life Sciences Services Director 3Hoya Announces Third Quarter Financial Results 2Sanofi-aventis Successfully Completes Tender Offer for Chattem, Inc. 2Sanofi-aventis Successfully Completes Tender Offer for Chattem, Inc. 3Sanofi-aventis Successfully Completes Tender Offer for Chattem, Inc. 4Sanofi-aventis Successfully Completes Tender Offer for Chattem, Inc. 5How do we fund plant breeding 3F 10551 1How do we fund plant breeding 3F 10551 2How do we fund plant breeding 3F 10551 3Cranberries Provide Eight Hour Health Protection 60228 1Cranberries Provide Eight Hour Health Protection 60228 2Cranberries Provide Eight Hour Health Protection 60228 3Zogenix and Desitin Announce Filing for European Regulatory Approval of SUMAVEL 28TM 29 DosePro 28TM 29 60223 1Zogenix and Desitin Announce Filing for European Regulatory Approval of SUMAVEL 28TM 29 DosePro 28TM 29 60223 2Zogenix and Desitin Announce Filing for European Regulatory Approval of SUMAVEL 28TM 29 DosePro 28TM 29 60223 3Zogenix and Desitin Announce Filing for European Regulatory Approval of SUMAVEL 28TM 29 DosePro 28TM 29 60223 4Zogenix and Desitin Announce Filing for European Regulatory Approval of SUMAVEL 28TM 29 DosePro 28TM 29 60223 5
The second-generation Dade Behring Acute Care Troponin I (cTnI) method is the first FDA cleared high sensitivity cTnI assay with the low-end precision necessary to meet the ESC/ACC guidelines (CV <10...
... high-throughput immunoassay system built around the many ... the important addition of Logic Driven Incubation ... designed for optimal performance with the fastest ... assays such as the cardiac biomarkers and ...
AxSYM Myoglobin is a Microparticle Enzyme Immunoassay (MEIA) for the quantitative determination of myoglobin in human serum or plasma on the AxSYM System....
IRMA kit for detection of the cardiac marker Myoglobin...
Medicine Products: