Over 30 Billion dollars in trust fund money has been set aside for asbestos victims.
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May 16th, 2008
For victims suffering from asbestos-related diseases resulting from exposure by W.R. Grace, there may be an end in sight. The company has agreed to pay billions of dollars as a settlement in order to emerge from bankruptcy.
People that have been suing W.R. Grace for compensation over their exposure to asbestos may have some relief coming their way. Grace has agreed to deposit $1.8 billion in a trust to handle all current and future asbestos-related claims against them. The settlement would also include the right for victims to purchase Grace stock at a bargain price, making the total package estimate around $3 billion. Victims of asbestos exposure that are suffering from mesothelioma, asbestosis and other diseases will have compensation allocated from this fund. The settlement, if approved, will allow the company to begin to emerge from bankruptcy.
Grace owned mines in Montana that exposed thousands of people to airborne asbestos. Breathing in airborne asbestos particles has been linked to respiratory illnesses and cancer, like mesothelioma. Though asbestos can be a safe material, some forms of asbestos can break apart when it is disturbed. When the asbestos becomes airborne, it can be inhaled into the body, causing health problems.
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