W.R. Grace & Co. to Pay $250 Million in Federal Asbestos Settlement for Libby, Montana

W. R. Grace & Company, a bankrupt chemical company after paying hundreds of millions of dollars in asbestos claims, has agreed to pay the federal government $250 million for environmental cleanup around its mining operations in Libby, Montana, according to the New York Times on March 12, 2008.

The Department of Justice and the Environmental Protection Agency called the settlement the largest payment ever ordered under the federal Superfund program.

The settlement requires the approval of a federal judge overseeing the company’s bankruptcy proceedings and does not resolve a separate criminal case in Montana also arising from Grace’s alleged asbestos contamination of Libby, a small community in the northwestern part of the state.

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