According to a FindLaw article, a bankruptcy judge in Delaware has gave preliminary approval in early 2009 to a settlement of more than 16,000 claims for property damage from asbestos-containing Zonolite attic insulation that may cost up to $140 million.
W.R. Grace & Co., which made the insulation, will put $60 million in a trust established by the settlement and may pay more.
The company filed for bankruptcy in 2001, citing an overwhelming number of asbestos-related lawsuits.
Judge Judith K. Fitzgerald of the U.S. Bankruptcy Court for the District of Delaware signed the order preliminarily approving the settlement.
The claimants are homeowners who used Zonolite insulation in their attics and the agreement calls for Grace to pay $30 million initially into a trust fund for claimants and an additional $30 million in three years.
Judge Fitzgerald said the proposed settlement is “within the range of reasonableness” to merit preliminary approval and has no obvious deficiencies.
The certified class includes all holders of U.S. Zonolite-related claims filed with the Bankruptcy Court on or before Oct. 31.
What does this settlement actually do for persons with property damages? $4000. maximum payment for abatement? (up to 4K or 50%) of the actual abatement is nothing. $4000 dollars will not even begin to abate this stuff out of the property owners homes. What real help is there for property owners whose homes are polluted with this stuff?
On top of your property damages how much of this stuff has you and your family been ingesting? Look at the pitiful situation in Libby. Will anyone besides the lawyers see any financial “assistance”? Another tragic case of big business gone wild, while the “peasants” pay the piper.
I filed a few years ago and still no news, I totally agree with Clarence Taylor and Irene Tyler. Its really depressing when it seems the company still wins and so do all the attorneys representing the home owners.
What is the next step, I did receive the post card and a claim number, but it is almost 2011?Thanks I hope.
It is now June 2011 and still haven’t heard anything or received any money to remove the zonolite from my home and we are retired on a fixed income and can,t afford to have it removed. How long do we have to breath this stuff before anything is done?? Are they just waiting for us to die??
Here’s what I want to know: why wasn’t I notified? I bought my house in 2006. I didn’t find out until 2 days ago that that sh*t is in my attic (yes the house was inspected, inspector was unaware as insulation had been blown in over it) and then only after I’d done several remodeling projects with this stuff falling onto me and into my home. I was completely unaware of the danger. I’ll never get the asbestos out of my or my family lungs now, but Grace should pay my house off and pay to have the asbestos removed!! I deserve that much!! I’m stuck making payments on something I can never sell now, and living with gods know how much asbestos fibers all over the place! Grace executives are murders and thieves. How is this company going to be allowed to remain in business?? They should all be in prison!!