The settlement of bankruptcy court litigation involving asbestos-product maker W.R. Grace & Co. will likely help thousands of families who have mesothelioma lawsuits pending against the company.
According to The Daily Inter Lake, W.R. Grace recently ended bankruptcy court litigation and agreed to a $19.5 million settlement that will fund the Libby Medical Program and transfer to a local Libby Medical Plan Trust. This financial decision will ensure that the Libby Medical Program which until now has been a voluntary operation started by W.R.Grace that could have technically been shut down at any time – will remain open.
The bankruptcy settlement will also establish an Asbestos Personal Injury Trust as part of the companys 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. 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.