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W.R. Grace & Co. To Pay $250 Million in Record Asbestos Settlement

3/12/2008 9:59:58 AM In the largest asbestos-related settlement on record, W.R. Grace & Co. (GRA) agreed Tuesday to reimburse the federal government $250 million. The money was used by the government in the town of Libby, Montana, where hundreds of people were sickened by asbestos, including some that died. The investigation and cleanup cost the taxpayers $168 million, with another $175 million likely.

The record payout is awaiting approval by a federal bankruptcy judge. The funding for the cleanup was originally taken from the government’s Superfund environmental cleanup program, and the $250 million from W.R. Grace & Co. will reimburse taxpayers….

Read the full story at RTT News: Global Financial Newswires