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
- NACUBO Responds to GASB's Fair Value Proposal
- IRS Again Issues 1098-T Fine Notices
- SEC Approves Money Market Fund Reform
- 2014 Planning and Budgeting Forum
September 22-23, 2014
- 2014 Tax Forum
September 28-September 30, 2014
- 2014 Global Operations Forum
September 30-October 1, 2014
- 2014 Intermediate Accounting and Reporting - Fall
October 13-14, 2014
- WEBCAST: Strategic Tuition Assessment and Tuition Restructuring
Thursday, September 4, 2014 1:00 PM ET
- ON-DEMAND: Are Shared Services Right for Your Organization – The KU Journey
- ON-DEMAND: VIRTUAL: 2014 Annual Meeting
- ON-DEMAND: FASB's Proposed NFP Reporting Changes
- ON-DEMAND: VIRTUAL: Student Financial Services Conference
- ON-DEMAND: VIRTUAL: Higher Education Accounting Forum
- ON-DEMAND: VIRTUAL: Global Operations Support and Compliance Forum
- 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