"" The asbestos suits, however, were a different kind of legal action.
For one thing, there were more of them;
for another, they dealt not only with damage done, but with potential injury as well. The trouble had been brewing for a while.
As far back as 1985, Matthew Schifrin reported in Forbes that gypsum suppliers, including W.R. Grace as well juggernaut USG, could expect a flood of litigation in the wake of a high-profile personal injury suit related to asbestos, and in fact the first asbestos-related suit had been filed against Grace in 1982.
In 1994, Grace settled charges of violating asbestos standards at its Libby, Montana tremolite mine, for over half a million dollars; in 2000, the EPA ordered Grace to spend an additional $5 million to clean up the site.
Then, in 1999, Grace was party to a $200 million settlement to residents of Cook County, Illinois, who were exposed to asbestos in the 1960s and 1970s.
On October 5, 2000, Owens Corning, the United States' largest building materials manufacturer, filed for bankruptcy.
While this did not affect Grace's fortunes directly, it did cause a general fall in stock prices among companies with asbestos liability--including Grace.
More serious, however, was how removal of players from the field affected those remaining;
as Merrill Lynch analyst Karen Gilsenan put it in Chemical Market Reporter, "Grace and the other remaining players could face increased liability ... co-defendants in many of these cases could end up shouldering a larger part of the financial burden."
As of June 30 that year, Grace was named in over 53,000 asbestos lawsuits and had paid out a total of $1.15 billion in judgments and settlements.
By April of the following year, that amount had risen to $1.9 billion, and the number of personal injury claims against the company topped 325,000. ""
Source of Above Post
Grace Admits Guilt and Montana Corrupt Judges Say NOT GUILTY..
Any Settlement SHOULD not have Went to the State of MONTANA.. the victims never got relief.. only the Political Corruption Got those Millions and Still Get those Millions WHILE Victims Still SUFFER....
As We Get Deeper into this WR Grace Thing.. as with ALL my Stories.. on my Industry Whistleblower Blog Network - PRINT the Source, Go to Page in Upper Right and save page.. the SOURCE changes after I draw attention to it.. So Back it Up.. and Print it..
Also Print My Post if you Like it.. as I have had Corrupt Zillionaires Like Proskauer Rose LLP, ... well it seemed that way to me.. they Paid off Google to change the Search.. So WR Grace .. that kind of Money.. the More You send me tips and the more I post .. the more they will CHANGE the Internet Reality of it all...
Also Please Note My Email Response Time is sometimes a week. .and to HATE .. well I respond by posting it.. oh and Praying...
posted here by
Crystal L. Cox