A story on Yahoo News reports W.R. Grace settled a class action against the company relating to asbestos containing attic insulation the company sold. THe company will pay $30 Million up front to fund a trust, another $30 Million after 3 years, and up to ten annual payments of $8 Million if terms of settlement are met, up to $140 Million total over the life of the settlement.
The class action stems from the company’s sale of Zonolite Insulation, an asbestos containing product the company sold across the country for many years. Over the years the product was installed in millions of homes. The fund will pay the claims of individuals injured by this dangerous and sometimes deadly product.
Zonolite insulation was made primarily of vermiculite, an ore mined at the W.R. Grace mine in Libby, Montana. The vermiculite in the mine contained asbestos. The community of Libby has been devastated by asbestos related diseases, including mesothelioma, lung cancer, and asbestosis. Whole families in Libby have been destroyed by these horrible diseases. Others in cities and towns all across the country have been injured by this product, which was used to insulate their attics.
The lawsuits alleged W.R. Grace knew of the dangers of asbestos for years, but continued to use the product and never warned anyone of the potential dangers of the product.