W.R. Grace Settles Bankruptcy Lawsuit
Recently resolved bankruptcy court litigation involving asbestos-product maker W.R.Grace & Co. will likely benefit the thousands of sick individuals who have brought mesothelioma lawsuits against the company.
According to The Daily Inter Lake, W.R. Grace recently ended bankruptcy court litigation that has dragged on since 2001 and agreed to a $19.5 million that will fund the Libby Medical Program and transfer to a local Libby Medical Plan Trust. This will ensure that the Libby Medical Program – which was a voluntary operation started by W.R.Grace that could have been shut down at any time – will remain open.
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The bankruptcy settlement also will establish a separate Asbestos Personal Injury Trust as part of the company’s reorganization plan. Up to two asbestos trusts to compensate asbestos and mesothelioma personal injury claimants and property owners can be established under the reorganization plan.
W.R. Grace announced that the trusts will cover costs for any current and future asbestos claims. When initially filing for bankruptcy, the company said it had been named in 110,000 asbestos-related lawsuits.
If you or a loved one has been harmed by loose asbestos fibers, call Sokolove Law today to learn more about possibly pursuing an asbestos or mesothelioma lawsuit.