The Law Offices of Wallace & Graham
Helping Asbestos & Mesothelioma Victims Nationwide
Call For A Free Consultation 888-698-9975

Gasket manufacturers agree to $480 million settlement


One of the most intensely-litigated asbestos cases in North Carolina in the last few years has involved the Garlock Sealing Technologies. The case may now be nearing an end because Garlock's parent company, EnPro Industries, Inc., a Charlotte-based manufacturing conglomerate, has agreed to pay $480 million to establish a trust to pay all present and future claims based on exposure to asbestos-containing products manufactured by Garlock.

Garlock has been fighting asbestos lawsuits for forty years. Virtually all of the cases were based upon exposure to asbestos fibers in gaskets and similar products made by Garlock. Asbestos causes a number of respiratory diseases, including lung cancer, asbestosis and an especially virulent form of cancer known as mesothelioma. The costs of fighting and settling claims forced Garlock to declare bankruptcy in 2010. Garlock's bankruptcy has been supervised by the United States Bankruptcy Court in Charlotte, and the claims against the company are being supervised by the United States District Court in Charlotte.

The parties to the settlement are EnPro, Garlock, Coltec Industries, Inc., a company owned by EnPro that in turn owns Garlock, and a court-appointed representative of the claimants. Both Garlock and Coltec have been the object of claims for damages relating to asbestos exposure. EnPro will pay $400 million into the trust upon its approval by the various parties and an additional $80 million upon the first anniversary of the trust agreement's approval. EnPro will be able to deduct the payments when calculating its federal corporate income tax (a savings of approximately $196 million). The settlement is subject to approval by the claimants, Garlock's bankruptcy court, and the United States District Court in Charlotte.

Anyone who believes that he or she has been exposed to asbestos fibers in a product manufactured by Garlock will be well-served by consulting a lawyer who specializes in handling asbestos claims. An experienced attorney can analyze the facts of the case, provide advice on filing a claim with the trust and estimate the likelihood of recovering damages for medical expenses, pain and suffering and lost income.

Source: Charlotte Observer, "EnPro Industries reaches $480M settlement on asbestos claims," Rick Rothacker, March 18, 2016

No Comments

Leave a comment
Comment Information
EMAIL US FOR A RESPONSE

No Matter Where You Are, We're Here For You

Based in North Carolina, The Law Offices of Wallace & Graham represents clients nationwide. Call 888-698-9975, or contact us online for a free case evaluation. Our skilled and caring attorneys will explain your rights and fight for the justice you deserve.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

The Law Offices of Wallace & Graham

525 N. Main Street
Salisbury, NC 28144

Toll Free: 888-698-9975
Fax: 704-633-9434
Salisbury Law Office Map