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.
Vice President, Regulatory Affairs
- ED Tightens New "Gainful Employment" Rules
- 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