Sealed Air Corp, maker of bubble wrap, Friday offered $838 million to settle its fraudulent conveyance case with asbestos plaintiffs, who charged that W.R. Grace sold Cryovac to Sealed Air for less than its market value to shield the unit from asbestos claims. The company was scheduled to go on trial next week. The Cryovac acquisition was worth about $5 billion.
The settlement package Sealed Air offered to asbestos plaintiffs is the largest in a fraudulent conveyance lawsuit connected to a company facing massive asbestos liabilities.
(via The Deal)
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