The Checks Are Almost in the Mail
October 7, 2009
More than $62 million in payments to 410 institutions that filed claims in the college and university class action for reimbursement of asbestos-related expenses have been approved by the court. This represents reimbursement for 15 percent of eligible expenses. NACUBO and the American Council on Education were instrumental in filing the suit, Central Wesleyan v. W.R. Grace, et al., more than 20 years ago.
Possible future settlements in connection with additional bankruptcies and a pending ruling from the Internal Revenue Service on 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. The court also accepted some late claims in early 2008, but it will not accept any additional claims. The percentage of each claim being reimbursed is based on the ratio of the total value of all valid claims submitted to funds available for distribution.
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