The City of Tucson, Ariz., will get $5.5 million in a settlement with W.R. Grace & Co. after a 12 year legal battle, LegalNewsline reported yesterday. Grace & Co. allegedly used asbestos products when fireproofing several city buildings during construction. Grace & Co., a specialty chemicals and materials company employing 6,500 people worldwide, and 61 affiliates voluntarily filed a chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware in April 2001. The cases were consolidated for administration purposes, leaving Grace with the role of operating their businesses and managing their properties as debtors in possession. After 13 years, Grace & Co. emerged from bankruptcy protection in February when its reorganization plan became effective, establishing two independent trusts to compensate asbestos personal injury claimants and cleanup efforts. Tucson will receive the award as its share of the Grace & Co. federal bankruptcy settlement.
