STORY FROM: Asbestos
Garlock’s Parent Company Announces ‘Permanent, Comprehensive’ Settlement of Asbestos Claims, Agrees to Stay in RICO Proceedings
March 18, 2016
CHARLOTTE, N.C. –– Garlock Sealing Technologies’ parent company has announced a “comprehensive settlement” to resolve current and future asbestos claims, saying that it will establish a $480 million trust and agree to drop RICO cases filed against a number of asbestos plaintiff law firms.
The settlement, announced March 17, was reached with the court-appointed committee representing asbestos claimants. The parties anticipate that the plan will be approved, and become final, during the summer of 2017, according to a press release from EnPro Industries, Inc., the parent company of Garlock and Coltec Industries Inc.
Under the terms of the agreement, the ...