GRACE <GRA> PLANS TO APPEAL 100 MLN DLR JUDGMENT
W.R. Grace and Co said a federal
district court jury in Chicago has ordered it to pay 100 mln
dlrs in damages, based on a judgment involving a loan agreement
with Continental Illinois National Bank <CIL>.
    The company said the damages consist of 25 mln dlrs in
compensatory damages and 75 mln dlrs in punitive damages.
    It said it will appeal the ruling. The company said the
litigation "involved an interpretation of a complex financing
arrangement entered into with Continental Illinois National
Bank <CIL> which transferred the loan to the Federal Deposit
Insurance Corp upon restructuring of the bank."
    The company said it believes the appeal will be successful.
    Separately, it said it has resumed the periodic purchases
of up to 2.3 mln shares of Grace common stock in unsolicited
open market and privately negotiated transactions.
    The company has about 42.2 mln common shares outstanding.
 Reuter
