NACUBO has been involved in pursuing reimbursement for costs of asbestos abatement for colleges and universities since the mid-1980s. In 1987, NACUBO and the American Council on Education joined with a group of institutions to sponsor a class action suit against asbestos companies (Central Wesleyan v. W.R. Grace, et.al) that was filed in the U.S. District Court in South Carolina.
The end of this lengthy legal action is in sight with over $60 million in settlements held in escrow for distribution to colleges and universities as partial reimbursement for expenses incurred for asbestos abatement work. A steering committee appointed by the court, which includes a NACUBO representative, worked with class counsel to design a claims process that is fair and equitable while imposing as little burden on institutions as possible. In October 2009, the court approved an initial distribution of $62.2 million to 410 eligible institutions. This represents reimbursement for 15 percent of eligible asbsetos abatement expenses.
Possible future settlements in connection with additional bankruptcies and resolution of some outstanding issues concerning the taxability of the settlement fund may result in a second round of payments to eligible institutions sometime in 2010 or 2011.
The window for filing claims was open from September 15, 2005, until March 15, 2006, and again briefly in early 2008. No additional claims will be accepted.
Rebate Coupons Also Available
In addition to the settlement money awaiting disbursement, more than $25 million in product credit rebates are available. Rebate coupons are available to colleges and universities interested in purchasing discounted replacement products. These coupons provide a 25-percent discount on W. R. Grace's spray acoustical products and its replacement non-asbestos spray fireproofing. If your institution has not received a coupon from class counsel, or needs additional coupons, contact the class counsel's office.
- The Checks Are Almost in the Mail
(October 7, 2009)
- US Gypsum Settlement Will Add to Asbestos Fund
(January 8, 2007)
- Asbestos Suit Nearing Conclusion
(June 1, 2005)
- Asbestos Settlement Draft Distribution Guidelines Available
(February 24, 2005)
Vice President, Regulatory Affairs
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- GASB Studies Irrevocable Charitable Trusts
- ED Negotiations Focus on Cash Management
- 2014 Higher Education Accounting Forum
April 27-29, 2014
- ON-DEMAND: Understanding the Results of the 2013 NACUBO-Commonfund Study of Endowments, and a Look to 2014 and Beyond
- ON-DEMAND: How Behavioral Changes Helped Cut Energy Usage in Half
- ON-DEMAND: Developing a Market-Informed Approach to Tuition Pricing
- ON-DEMAND: Responsibility Center Management: The Process Necessary to Complete a Successful Implementation
- ON-DEMAND: OD: Responsibility Center Management: How Innovations Have Changed the Nature of RCM
- A Guide to College and University Budgeting: Foundations for Institutional Effectiveness, 4th ed. - by Larry Goldstein
- NACUBO's Guide to Unitizing Investment Pools - by Mary S. Wheeler
- Managing and Collecting Student Accounts and Loans - by David R. Glezerman and Dennis DeSantis