According to a 2016 article in Reuters, EnPro Industries Inc said it has agreed to a $480 million settlement to resolve current and future personal injury claims related to its asbestos-lined gaskets used in pipes, valves and other industrial applications.
The settlement was between EnPro, its now bankrupt unit Garlock Sealing Technologies, Garlock’s direct parent Coltec Industries Inc and court-appointed representative for current and future asbestos claimants.
According to the article, EnPro said it would set up and fully fund a $480 million trust, estimating that the after-tax value of its contribution would to be $284 million. EnPro has also committed to set aside up to about $17 million to resolve Canadian cases.
Reuters noted, EnPro said the trust would assume responsibility for all present and future asbestos claims related to Garlock or Coltec, thereby covering all EnPro businesses ever to have received asbestos claims in the United States. The new subsidiary will then file for pre-packaged Chapter 11 bankruptcy petition, which EnPro expects will be administered with Garlock’s Chapter 11 case, in late 2016 or early 2017.
Each year, approximately 3,000 Americans are diagnosed with mesothelioma. The disease is not predicted to peak until 2025. Asbestos exposure causes many diseases in the USA including mesothelioma and lung cancer. Lung cancer is the top cancer killer in the U.S. It’s diagnosed in more than 220,000 people a year and it killed nearly 160,000 people last year, according to the National Cancer Institute. Asbestos exposure can lead to diseases such as asbestosis, lung cancer and mesothelioma. If you, a family member or a friend were diagnosed with an asbestos-related disease, we may be able to help. We have been assisting our clients with their asbestos cases since 1975. Please contact our office at 1-800-995-6991, for a free consultation. For more information about the Reuters article, please click on the above link.