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Garlock Sealing Technologies Agrees to Create $480M Asbestos Trust

Garlock Sealing Technologies LLC (“Garlock”), as part of a settlement agreement involving Garlock’s owner, direct parent, and current and future asbestos claimants, will establish a $480 million trust to be used for United States asbestos claims.  Garlock is to provide $400 million up front, with another $80 million to be added within one year.  After-tax value would be $284 million. 

The settlement must be approved by the claimants, the North Carolina bankruptcy court, and the U.S. District Court.  The plan could be approved as early as summer 2017.

© Steptoe & Johnson PLLC. All Rights Reserved.National Law Review, Volume VI, Number 105
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About this Author

Jim Mulhall, Litigation Attorney, Steptoe Johnson Law FIrm
Member

Jim Mulhall is the leader of the firm's Products Liability Practice Group and Toxic Torts Team.  Mr. Mulhall concentrates his practice in the areas of asbestos, product liability, toxic torts, and mass tort litigation.  He is the co-chair of the International Dispute Resolution Practice Group in TerraLex.

(304) 933-8164
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