Manufacturer agrees to nearly $800 million preliminary fund for asbestos victims

07/29/2014 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)

Ohio – RPM Intl has agreed to provide almost $800 million for funding a trust for asbestos personal injury claimants. As reported by the Associated Press (AP), the agreement, which must still be approved by the U.S. Bankruptcy Court and the plaintiffs who’ve filed the claims, is part of a preliminary deal to settle the cases linked to a company owned by its Specialty Products Holding Corp.

In accordance with the agreement, a $450 million cash payment will be made for current and future claimants and additional payments would be made over the course of a few years to total $797.5 million. The contributions will reportedly be tax deductible.

As noted by the AP, the company’s Specialty Products unit filed for Chapter 11 reorganization in 2010.

This report is provided by Justice News Flash – Ohio Legal News

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