W.R. Grace & Co. has agreed to pay up to $140 million to settle a class action lawsuit stemming from the company's sale of Zonolite attic insulation, a vermiculite product that can contain naturally occurring asbestos. This Zonolite insulation was installed in millions of homes throughout the U.S. and Canada and, as a result, hundreds of thousands of lawsuits have been filed against the product, pushing W.R. Grace into bankruptcy protection in 2001.

The asbestos used in the Zonolite attic insulation came from the mines of Libby, Montana, which have been linked to many cases and deaths of mesothelioma and asbestos-related diseases over the years.

W.R. Grace & Co. will pay $30 million to a trust fund for victims of the asbestos exposure with an additional $30 million to be paid after three years. In addition, W.R. Grace & Co. will make up to 10 additional annual payments of $8 million if certain conditions are met.

Chemical maker W.R. Grace & Co. said this morning that it would settle thousands of asbestos-related personal injury claims spanning decades.

The settlement includes $250 million that would be put in a trust. It also includes deferred payments of $110 million per year for five years beginning in 2019 and $100 million per year for ten years beginning in 2024.

Grace filed for Chapter 11 bankruptcy in 2001 to protect itself from 135,000 asbestos-related claims spanning decades.