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Insulation Company Agrees - Asbestos related class action lawsuit
2008-12-03 22:55:05 (GMT) (Caymanmama.com - Law News)Dallas, Texas (CaymanMama.com) — W.R. Grace & Co. has agreed to a $140 million settlement for an asbestos related class action lawsuit. As reported by the Associated Press (AP), the breakdown of the payment includes $30 million into a trust fund, $30 million in cash after 3 years, and $8 million per year for up to 10 years provided outlined conditions are met as filed with the SEC (Securities and Exchange Commission).
The lawsuit resulted after the company sold attic insulation that was stated to contain asbestos. As noted in the AP report, millions of homes were insulated with the Zonolite insulation in the U.S. and Canada, which subsequently led to hundreds of thousands of lawsuits being filed against W.R. Grace & Co.
Within the year, the company’s stock shares have fallen from around $30 to as low as $2.95 per share. W.R. Grace is based in Columbia, Maryland.
CaymanMama.com - Press Release Distribution Service
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