REMINDER: College Asbestos Class Action Settles, Deadline for Claims
is March 15
Feb. 10, 2006
Colleges and universities have until March 15, 2006 to
recoup some of the costs incurred for removing asbestos-containing
materials from campus facilities.
More than $50 million in settlement funds are
available from the class action suit Central Wesleyan v. W.R. Grace,
et. al., filed 18 years ago. Official notices have been mailed to
all institutions. The American Council on Education (ACE) and the
National Association of College and University Business Officers
(NACUBO) helped to organize and support the institutions involved in the
suit.
Except for those institution that opted out of the
class action in 1996, colleges and universities that can document
expenses for the removal or abatement of friable asbestos-containing
materials from campus facilities may file claims. While there is no
limit to how long ago abatement expenses were incurred, claims will only
be accepted for work that is completed before the March 15, 2006
deadline. No claims for future expenses will be allowed. Preferred
documentation includes an asbestos survey, laboratory reports verifying
asbestos content, abatement contractors' bills with evidence of payment,
canceled checks and receipts.
Claims will be paid after all claims have been
reviewed and processed. The dollar amount of all accepted claims will be
totaled and divided by the total funds available to determine each
institution's pro rata share of the settlement.
Claim forms and more information about the process and
requirements are available on a web site set up by the class counsel: www.collegeclaims.com. For more background on the
case and a list of institutions that opted out, see www.nacubo.org/asbestos.
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