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Case Details for "W.R. Grace & Co"
Zonolite Attic Insulation (ZAI) Claimants Seek Approval Of $140M Settlement
United States claimants with Zonolite Attic Insulation (ZAI) claims on Dec. 15 moved a Delaware bankruptcy court for preliminary approval of a $140 million settlement with W.R. Grace & Co. of all of their ZAI claims against the company
The ZAI claimants say the class settlement resolves all current and future U.S. ZAI claims. The proposed ZAI class consists of all individuals that filed U.S. ZAI proofs of claim on or before the Oct. 31, 2008, bar date established by the Bankruptcy Court. The ZAI claimants say class certification will aggregate current ZAI claims for the purpose of settlement, secure legal representation for all class members and begin procedures that afford due process to class members. The settlement includes a 524(g) property damage trust, which is contemplated in W.R. Grace's current reorganization plan, as way of extending settlement benefits to class members. Class member claims and all future ZAI claims will be channeled to the asbestos property damage trust. The ZAI claimants say an initial payment of $30 million will provide funding to ZAI homeowners that have reported removal or abatement costs to date and those anticipated in the near future. A deferred payment of $30 million will follow three years after the effective date of W.R. Grace's plan. The settlement provides for a series of up to 10 contingent payments of $8 million each over the next 20 years, which will be triggered by the ZAI trust's assets dropping below $10 million.
Posted on:2009-01-23
Company: W.R. Grace & Co
Class:
Scope: Nationwide
Type of Case: Consumer
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