$75M in PCB money arrives

posted on:
August 27, 2003

author:
Staff

category:
Environmental

The money is starting to roll in for Anniston residents who reached a $700 million settlement with Monsanto and Solutia over PCB contamination. The first $75 million of the settlement money was wired to an area bank account Tuesday. The settlement was divided between state and federal court cases and a mathematical formula will be used to distribute the money among the plaintiffs. To receive the money, the plaintiffs will have to sign a release form. Once all plaintiffs have signed the form, the lawyers will start receiving their share of the $150 million. Exactly how the money will be distributed among plaintiffs in the circuit court case will be explained in a series of meetings to be held in tow or three weeks, plaintiffs’ attorney Donald Stewart said. Some of the money will be deposited into a trust fund on behalf of child clients or for other purposes, Stewart said. Matters such as PCB soil levels, proximity to the former Monsanto plant, PCB blood levels and disease burden will be taken into account when determining how much money each plaintiff receives, he said. “I’m proud for our folks,” Stewart told The Anniston Star for a Wednesday story. “I am very proud for them because they have been patient and they have had faith in the system and faith in us. We tried to return that.” The companies will pay another $200 million to the circuit court plaintiffs in a few days.

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