W.R. Grace & Co. has agreed to pay up to $140 million to settle a class action lawsuit from its use of an attic-insulating product that contained asbestos.
The chemicals maker company will pay $30 million cash into a trust fund, an additional $30 million cash after three years, and make up to 10 additional annual payments of $8 million if certain conditions are met.
The payouts stem from the company’s sale of Zonolite attic insulation, a loose-fill vermiculite product that can contain naturally occurring asbestos. Zonolite was installed in millions of homes throughout the U.S. and Canada. The hundreds of thousands of lawsuits filed against the product pushed W.R. Grace into bankruptcy protection in 2001.
Grace reached an agreement this August to resolve all asbestos claims against the company, allowing it to emerge from bankruptcy without further obligations for asbestos injury.
The payments will be backed by 50.1 percent of W.R. Grace’s stock.
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