A Trans World News article reports that W.R. Grace last week said that they have reached an agreement to settle property damage claims from homeowners and business owners who used Zonolite, an insulation manufactured by Grace. The Zonolite contained vermiculite asbestos. Exposure to the asbestos can lead to mesothelioma, a type of lung cancer which is usually fatal because it is diagnosed after the cancer has progressed so far that treatment is usually palliative. Many have died from mesothelioma, sometimes also called asbestos cancer.
The settlement is said to be worth about $60 Million dollars to be put into a twenty-year trust. Grace will deposit $30 million the first year, $30 million the third year. After that $8 million will be put into the trust each year if the trust funds go below $10 million. The settlement reportedly will pay each home or business owner 55% of the damages that was claimed in the initial lawsuit filed by each owner; however, the Securities and Exchange Commission has stated that no one would receive more than $4,125.
According to the article, lawsuits could be filed until the Trust runs out. Previously, as part of the bankruptcy proceedings, it had been determined that the filing deadline for property damage was October 31, 2008.
