Asbestos Claims - Asbestos-Related Litigation, Asbestos Attorney
Grace Comments On Owens Corning Asbestos-Related Litigation
COLUMBIA, Maryland, October 6, 2000 - W. R. Grace & Co. (NYSE: GRA) has received numerous investor inquiries about the voluntary filing of Owens Corning to petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code on Thursday, October 5, 2000.
The impact of the Owens Corning action on Grace will depend on numerous factors, including how plaintiffs respond, how the bankruptcy court adjudicates Owens Corning's petition and the response of other co-defendants in asbestos-related litigation. Grace is a co-defendant in many of the asbestos claims filed against Owens Corning and many other companies. Grace has effectively managed asbestos-related litigation for over 20 years, despite the bankruptcy of a number of other co-defendants. Although Grace does not know at this time what effect it will have on the cost of resolving pending and future asbestos-related claims, as stated in Grace's publicly available financial reports, "Grace regularly evaluates its financial exposure to asbestos-related lawsuits and the adequacy of related recorded liabilities. The amounts recorded at each balance sheet date reflect Grace's best estimate of probable and estimable liabilities in all material respects. However, changes to estimates of probable liabilities may occur as actual experience is gained over time." As of June 30, 2000, Grace's recorded liability, under generally accepted accounting principles, for asbestos-related litigation was $1,005.2 million.
The action by Owens Corning is another indication that there needs to be a universal solution to the problems associated with asbestos-related litigation. It is important to have healthy companies so that deserving claimants can be compensated for their asbestos-related illnesses. We would support any legislative initiative that makes sense for all interested parties.
Asbestos litigation is leading to the bankruptcy of multinational corporations seeking protection from litigation that will soon approach $100 Billion Dollars worldwide.
These press releases were distributed by corporations commenting on their liability, government on legal reforms to end or stem payouts, as well as claimants and law firms announcing settlements for their clients.
Mesothelioma is a rare form of cancer. It affects the linings of the cavities around the lungs, stomach, and heart. It is caused by inhaling asbestos fibers, but the cancer usually does not appear until 10 to 40 years after a person first inhales asbestos.
Use and manufacturing of certain types of asbestos was outlawed in 1974. The re-construction and renovation of old buildings containing asbestos insulation products is now tightly regulated to protect workers from contracting asbestos-related diseases.
Grace is a leading global supplier of catalysts and silica products, specialty construction chemicals and building materials, and container products. With annual sales of approximately $1.5 billion, Grace has over 6,000 employees and operations in nearly 40 countries. For more information, visit Grace's Web site at www.grace.com.
This announcement contains "forward-looking" information. Future results may differ from those discussed in this announcement. Information concerning some of the factors that could cause such differences can be found under the heading "Projections and Other Forward-Looking Information" in Grace's current Annual Report on Form10-K
Mesothelioma Treatment
There are a number of treatment options available for malignant mesothelioma sufferers. Aside from traditional methods of surgery, chemotherapy and radiation therapy, newer methods including photodynamic therapy, gene therapy and immunotherapy are currently being researched and tested.
If you or a loved one suffers from mesothelioma or any other asbestos-related disease, contact an asbestos attorney to get information regarding your right to compensation. An asbestos lawyer will be able to track the source of asbestos exposure in addition to all liable parties.