Rust-Oleum Maker to Pay $797.5 Million to Asbestos Trust
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RPM International Inc., the maker of Rust-Oleum and other specialty paints, agreed to pay $797.5 million to settle asbestos-related claims faced by its bankrupt Bondex and Specialty Products units, less than the $1.17 billion a judge said they may have owed.
The money will be paid over four years into a trust to benefit personal-injury claimants, the Medina, Ohio-based holding company said today in a statement. Related documents weren’t immediately posted with U.S. Bankruptcy Court in Wilmington, Delaware.