Reuters news service reported on Friday that W.R. Grace & Co. stock value jumped 36 percent following the company’s aquittal on criminal charges. The company, along with seven of its executives, had been on trial since Feb. 19 in the U.S. District Court in Missoula, Montana.

A federal grand jury charged the company and executives in February 2005 with knowingly exposing workers at its vermiculite asbestos mine, and residents of the nearby town of Libby, Montana, to deadly asbestos fibers. A June 2008 Supreme Court decision upheld the grand jury’s findings and allowed the case to proceed to trial.

However, on Friday, May 8, a jury aquitted the company and five of the executives of all criminal charges. Two company executives had already been dismissed during the trial proceedings.

Asbestos exposure is linked to serious health problems, including asbestosis, a severe scarring of the lungs, and mesothelioma, a deadly cancer that affects the lining of the lungs and, more rarely the stomach and/or heart. Studies of former W.R. Grace & Co. miners, and residents of nearby Libby, have indicated that 227 people have died to date from asbestos disease, and there are more than 1,800 active cases of asbestos disease. Of that number, 77 deaths are attributed to secondary, non-occupational exposure, affecting people who never worked in the mine.

W.R. Grace & Co. is based in Columbia, Maryland, and is worth $945 million, according to the Reuters report. The news agency reports the stock value has now doubled in 2009, at $13.06 per share, after a four-year low of $2.96 in November.

Tags: asbestos, asbestosis, Libby, Maryland, mesothelioma, Montana, W.R. Grace & Co.

This entry was posted on Tuesday, May 12th, 2009 at 8:10 am and is filed under Events, Legal, News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.