In another major development in a case that continues to redefine the standard procedures in asbestos-related bankruptcy proceedings, on January 13, 2015, Garlock Sealing Technologies LLC announced that it had reached an agreement with the representative for future asbestos claimants that would settle all present and future asbestos claims for $358 million. The current net present value of the settlement is reportedly $205 million – considerably higher than the bankruptcy court’s liability estimate of $125 million, but well below the $1.3 billion plaintiffs had been seeking.