BASF & Its Former Counsel Reaches $73M Asbestos Settlement

BASF & Its Former Counsel Reaches $73M Asbestos Settlement

Introduction

In a motion, dated 23rd of July, for preliminary approval of the class action settlement, BASF Catalysts LLC and its longtime national counsel agreed to establish a $72.5 million settlement fund to compensate those plaintiffs, who alleged that the company concealed potential asbestos in industrial and commercial talc.

The lawsuits were brought by 20,000 plaintiffs against BASF or its predecessor Engelhard Corp between 1984 and 2011 over its Emtal Talc products, used for manufacturing purposes.

The claims were voluntarily dismissed, settled, or involuntarily dismissed by the trial court before March 2011. The plaintiffs asserted that the dismissals/settlements were done falsely by the company and its former counsel.

The proposed class was revived on appeal by the Third Circuit Court, after which it underwent years of discovery disputes and attempts at mediation.

The proposed class action settlement was the result of more than nine years of contentious litigation and extensive discovery, along with the assistance of mediators. Each plaintiff, who contended about the harm caused by asbestos-containing talc product, will seek between $500 and $175,000 from the fund.