Garlock Parent To Pay $500 Million To Resolve All Asbestos Claims

(March 18, 2016, 9:00 AM EDT) -- CHARLOTTE, N.C. — Manufacturing conglomerate EnPro Industries Inc., the ultimate parent of Chapter 11 debtor Garlock Sealing Technologies LLC, will pay nearly $500 million to settle all asbestos claims against Garlock, EnPro and Garlock direct parent Coltec Industries Inc. in a global settlement announced March 17 that includes releases of all of Garlock’s fraud and racketeering claims against several asbestos plaintiffs’ law firms and attorneys.

EnPro issued a news release to announce the settlement, under which the company will establish a $480 million trust to pay...
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