W.R. Grace & Co goes for settlement in asbestos lawsuit

Insulation Company W.R. Grace & Co. agrees to go to settlement in a $140 million asbestos related lawsuit.

The lawsuit was filed against the company after it has sold attic insulation that was stated to contain asbestos. 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.

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.

Source: cayman mama


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