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Bankruptcy Court Approves W.R. Grace Zonolite Settlement Fund
By asbestoshub | February 20, 2009
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.
Topics: Claims, Exposure, Facts, Law, Lawsuits |
April 3rd, 2009 at 4:05 pm
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?
April 25th, 2009 at 12:55 am
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.