More news on the tragedy of asbestos from Libby, Montana. WR Grace & Co. recently agreed to pay up to $ 140 million to settle a class action asbestos resulting from its use and sale of the product attic insulation containing asbestos. The company announced in August that it intended to resolve all asbestos claims against itself; However, this will W.R. Grace to emerge from bankruptcy without further liability for asbestos injuries resulting from their product Zonolite.
W.R. Grace will be required to immediately pay $ 30 million in a trust fund and an additional $ 30 million in funding over three years. The company said the Securities and Exchange Commission only if certain conditions were met, it would be a $ 10 additional annual payments of 8 million. These payments will be supported by half of the shares of W.R. Grace. Shares of W.R. Grace fell 11 cents to $ 3.50.
This does not solve problems for the residents of Libby, Montana. The Environmental Protection Agency of the United States arrived in the city in 1999 and oversaw the cleanup efforts under the Superfund program of the government. The history of the city is highlighted in a PBS documentary Emmy, "Libby, Montana."
Most insulation Zonolite attic produced by WR Grace & Co., a loose-fill vermiculite product containing naturally occurring asbestos has been manufactured in the United States and came a vermiculite mine in Libby, Montana. The Libby mine has been operating for over 70 years in the small town of Montana and was not closed until 190.
The presence and use of the mine has been associated with exposure asbestos to employees, their families and residents of the city, causing thousands to become ill and more than 0 deaths in the Libby area of various forms of asbestos related diseases such as asbestosis and mesothelioma, a terminal and painful form of cancer.
Zonolite attic insulation was installed in millions of homes across the United States and Canada, which means millions of more people, beyond Libby, were exposed to asbestos materials present in the insulation. The large number of lawsuits filed against WR Grace Zonolite pushed into bankruptcy protection in 01.
