On November 25th, the now-bankrupt W.R. Grace & Co. stated that it has reached a deal worth $60 million, which will settle property damage claims filed by home and business owners who were exposed to asbestos after using W.R. Grace-manufactured attic insulation.
The home and business owners who filed suit insulated their property with Zonolite, a type of insulation that contained vermiculite asbestos. Exposure to asbestos is the only confirmed caused of mesothelioma, a fatal type of cancer.
The settlement deal would reportedly pay each home and business owner 55% of the damages they requested in their initial lawsuit. The Securities and Exchange Commission stated that no one seeking damages will receive more than $4, 125 in compensation.
W.R. Grace is required to deposit $30 million into a twenty-year trust fund in the first year, adding $30 million in the third year. Following the fifth year, Grace will deposit $8 million each year if the funds fall below $10 million. The trust will be used to pay damages to those who have filed lawsuits against the now-defunct corporation.
Lawsuits can be filed until the funds in the trust run out, according to officials.
Countless individuals have developed asbestos-related illnesses after exposure to Zonolite insulation, and many have died as a result of mesothelioma, also known as asbestos cancer.
The Mesothelioma & Asbestos Awareness Center is the web’s foremost resource for information about asbestos exposure, mesothelioma cancer, mesothelioma treatment methods, and more. The Mesothelioma & Asbestos Awareness Center is accredited by the Health On The Net Foundation as a credible source of medical information on the Internet. Please visit www.maacenter.org for further information.
