The EPA asbestos fine and WR Grace

W.R. Grace and 61 affiliated companies filed for bankruptcy in April 2001. In March 2003, EPA filed a bankruptcy claim against the company to recover past and future cleanup costs relating to asbestos. W.R. Grace has corporate headquarters in Columbia, Md., and employees in almost 40 countries. The company manufactures construction chemicals, building materials and chemical additives, among other things.

The settlement requires W.R. Grace to pay the $250 million within 30 days of bankruptcy court approval. The settlement agreement will be lodged in the U.S. Bankruptcy Court for the District of Delaware and is subject to court approval after a 30-day public comment period. A copy of the settlement agreement is available on the Justice Department Web site.

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