EnPro Reaches Proposed $480 Million Settlement in Asbestos-Related Cases
According to reports, EnPro industries is protecting its subsidiaries from current and future asbestos claims in the United States by reaching a proposed $480 million settlement. The proposed settlement would have to be approved by both the claimants and the courts, but if it goes through, it will be a step to protect from asbestos liability.
The plan, if approved, should come into place in the middle of 2017. It must receive a vote of at least 75% of claimants who are in favor of the plan. There must also be no objections regarding the details of the plan.
For years, EnPro has been paying roughly $25 million annually for claims related to asbestos pending in the U.S. Bankruptcy Court for the Western District of North Carolina. This is due to the trust fund set up between the company and the claimants’ representatives so that current and future claims of asbestos could covered by amounts put into it. As long as the plan is approved, $400 million will immediately be placed in the trust and the remaining $80 million will be contributed before the first anniversary of the approval date.
EnPro also used an additional $17 million to resolve outstanding and future asbestos claims in Canada.
If you have been exposed to asbestos and developed mesothelioma, you may be able to file a claim. You can speak with our mesothelioma attorneys at Bailey Peavy Bailey Cowan Heckaman about your legal rights and options moving forward. These types of cases are time sensitive, so we encourage you to act quickly and secure the representation you need to help you navigate the process. You deserve compensation; our firm works to help you get it.
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