W.R. Grace to pay $250M for cleanup of asbestos contamination in Montana: DOJ

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http://www.forbes.com/markets/feeds/afx/2008/03/11/afx4760064.htmlW.R. Grace to pay $250M for cleanup of asbestos contamination in Montana: DOJ03.11.08, 5:44 PM ETSAN FRANCISCO (Thomson Financial) - W.R. Grace & Co. has agreed to pay$250 million to reimburse the government for costs of theinvestigation and cleanup of asbestos contamination in Libby, Mont.,the Justice Department said late Tuesday.The Columbia, Md.-based specialty chemicals company owned and operateda vermiculite mine and vermiculite processing facilities in and nearLibby from 1963 to 1990. The vermiculite ore was contaminated withasbestos, the DOJ said.The Environmental Protection Agency has been removingasbestos-contaminated soils and other materials in the Libby regionsince May 2000. The federal government filed suit against W.R. Gracein March 2001 to recover its costs under the Superfund law, theJustice Department said.The suit also named W.R. Grace's subsidiary Kootenai Development Corp.as a defendant due to its ownership of three contaminated propertiesin Libby, the government said.The action settles a bankruptcy claim brought by the federalgovernment to recover money for past and future costs of cleanup ofcontaminated schools, homes and businesses in Libby, the DOJ said. Thesettlement agreement will be lodged in the U.S. Bankruptcy Court forthe District of Delaware.W.R. Grace shares closed the regular session up $2.19, or about 11.5%,at $21.26.It's Tax Time! Get tips, forms and advice on AOL Money Finance.