W.R. Grace to take $20 million charge for lawsuitPublished by MAC on 2002-12-27
W.R. Grace to take $20 million charge for lawsuit
USA: December 27, 2002
Reuters News Service
COLUMBIA, Md. - Bankrupt chemical maker W.R. Grace & Co. (GRA.N) on Monday said it would take a $20 million charge in the fourth quarter to account for potential liabilities relating to a government lawsuit seeking recovery costs for environmental cleanup at Montana mining sites.
The company in a statement said it is likely it will face further costs for the suit, filed in U.S. District Court of Montana.
Grace said the U.S. Environmental Protection Agency claims to have spent about $57 million on cleanup for its previously operated vermiculite mining and processing sites near Libby, Montana. The agency expects total costs may be more than $100 million.
A trial of the suit is set for Jan. 6 2003.