The co-owners of a Danvers, Massachusetts, paint factory that exploded and caused extensive damage to the surrounding neighborhood have proposed a $6.6 million settlement.
According to a settlement proposal, factory co-owners CAI Inc. of Georgetown and Arnel Co. of Danvers would pay $1.4 million to about 100 property owners and $5.2 million to insurance carriers.
The proposal says insurance carriers have paid out more than $20 million to settle various claims since the November 2006 blast.
The explosion was felt miles away, but no one was killed. The blast was blamed on a buildup of combustible gases that ignited.
Members of a trust formed to negotiate an out-of-court settlement will vote this week on whether to accept the settlement offer.
If the agreement is approved, a three-person panel will decide how much compensation each person receives.
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Information from: The Boston Globe, http://www.boston.com/globe
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