Garlock Owner Touts $480M Deal To End Asbestos Claims

Law360, Los Angeles (March 17, 2016, 10:56 PM EDT) -- The owner of Garlock Sealing Technologies LLC agreed to pay $480 million to settle with current and future asbestos claimants, eking out a new bankruptcy plan that, if approved, would free the pipeline sealer and its related entities from the claims over its gaskets and other equipment for good, the company said Thursday.

EnPro Industries Inc. said it had reached an agreement with the committees representing current and future asbestos claimants in North Carolina bankruptcy court to create a trust that would eventually have $480 million in it — $400 million up front, with another $80 million added before the first...

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