A bankrupt subsidiary of O-I Glass Inc., one of the world’s largest makers of glass container products, has proposed a $610 million settlement to resolve costly litigation arising from manufacturing thermal insulation products that contained asbestos, a cancer-causing mineral.

The proposed settlement, made public in papers filed Wednesday in the U.S. Bankruptcy Court in Wilmington, Del., would create a trust to compensate individuals who allege personal harm from the insulation products. A corporate predecessor stopped making…

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