April 25th, 2008
A judgment was handed down that W.R. Grace will be required to pay the Environmental Protection Agency $250 million to reimburse for expenses incurred during the asbestos cleanup in Libby, Montana.
Courts decided that W.R. Grace will have to pay the EPA $250 million to compensate the Agency for costs incurred while cleaning up asbestos in Libby, Montana. The funds will also allow for future asbestos removal in the town bordered by now-defunct asbestos mine owned by Grace. Grace is required to pay the amount within 30 days of approval of their pending bankruptcy settlement. The amount will resolve a 2003 settlement with the Environmental Protection Agency in the amount of $54 million that was not paid by Grace due to the company seeking bankruptcy status.
The mines in Libby are not yet safe, and the full removal of remaining asbestos could take decades. Residents in the area have experienced asbestos-related diseases for years, including a deadly type of lung cancer called mesothelioma. Mesothelioma is the result of airborne asbestos particles being inhaled into the lungs, where the material becomes trapped and keeps the lungs from absorbing oxygen. Grace is expected to emerge from bankruptcy sometime this year.
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