By Treven Pyles
Posted on February 02nd, 2017
The biggest benefit of asbestos trust funds is that victims receive considerable financial compensation. This compensation is very important because the costs associated with asbestos-related diseases treatment and follow-up care are extremely high, and can be a financial strain for some people and their families.
For decades, asbestos has been praised for its convenient properties, while the devastating health effects of exposure have been deliberately ignored by major U.S. companies that handled asbestos.
Many companies had been aware of the dangers of these carcinogenic minerals since the early 1930s but decided to conceal the truth from both their employees and the general public for financial profit. The executives went to incredible lengths to keep scientific evidence supporting the toxicity of asbestos hidden from their workers and even distorted the results of medical studies. However, more and more people began suffering from asbestos-related conditions and in 1963, Dr. Selikoff's study, which irrevocably demonstrated the causal relationship between asbestos and lung disease, put an end to the manufacturers' conspiracy.
How do asbestos bankruptcy trust funds work?
A company that does not have sufficient money to pay liabilities can choose to file for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code. Chapter 11 bankruptcies allow companies to reorganize their finances to pay their debts and continue with their business. This way, claims related to asbestos exposure can no longer be submitted to it. Nevertheless, companies that have successfully undergone this process must reorganize and set up trusts for current and future asbestos victims. They must also ensure that funds are permanently available for claimants. It is worthy of note that companies cannot manage the asbestos bankruptcy trust funds or decide the amount of money an asbestos victim should receive. Instead, a board of trustees who do not have any connection with the company takes care of these aspects.
Trust funds process, liquidate, and pay all legitimate asbestos injury claims. When a person whose health has been affected by occupational exposure to asbestos would like to be compensated for the suffering will file a claim against the asbestos trust and not against the company per se. If you intend to file a claim, it is important to be aware of some essential aspects which may otherwise hinder the process:
- Accepted claims are paid depending on the trust's current payment percentage. The value of your claim will be assessed by the bankruptcy trust and a payment percentage is subsequently applied to establish the amount of money you will be awarded. The compensation paid by the majority of trusts in the U.S. represents between 5 and 15 percent of the total value of the claim.
- An asbestos trust cannot provide claimants with assistance in regards to determining the circumstances of their exposure, the specific asbestos-containing products they have been in contact with, or their medical records, which makes the process of filing a claim quite challenging. Your claim might not be approved if the information you included in it is considered incomplete, ambiguous, or contradictory.
- The requirements asbestos victims must meet in order to be compensated are different for each bankruptcy trust. Each trust has its own criteria claimants must fit in order to be declared eligible for compensation. Generally, you will need to provide evidence of your diagnosis and include as much information as you can remember about the company you worked for and how the exposure occurred.
Active asbestos trust funds
| Pacor Incorporated | $2.5 billion |
| Johns Manville | $2.5 billion |
| Western MacArthur | $2 billion |
| Nicolet Keasbey & Mattison | $2.11 billion |
| Combustion Engineering | $1.43 billion |
| Babcock and Wilcox | $1.85 billion |
| A.P. Green Industries | $901 million |
| Kaiser Aluminum | $1.2 billion |
| GAF Corporation | $770 million |
| Pittsburgh Corning | $3.4 billion |
| Lummus 524(g) | $38 million |
| A&I Corporation | &13 million |
| A-Best | &18 million |
| API, Inc. | $94 million |
| ARTRA 524(g) | $74 million |
| Armstrong World Industries | $2 billion |
| ASARCO LLC | $830 million |
| Bartells Asbestos | $172 million |
| Brauer 524(g) | $1 million |
| Burns and Roe | $20 million |
| NGC Bodily Injury | $446 million |
| Owens Corning Fibreboard, Fibreboard Subfund | $1.5 billion |
| Porter Hayden Bodily Injury | n.a. |
| Raytech Corporation | n.a. |
| Stone and Webster | $6 million |
| Swan Asbestos and Silica | $120 million |
| T. H. Agriculture and Nutrition, LLC Industries | $901 million |
| United States Gypsum | $3.9 billion |
| Leslie Controls | n.a. |
| Narco | n.a. |
| Piper Aircraft Corporation | n.a. |
| Bondex | n.a. |
| EPI | n.a. |
| Plant | n.a. |
| Flexitallic Gasket Company | $635 million |
| Eagle Picher Industries Inc. | $730 million |
| Bell Asbestos Mines | $635 million |
| Federal-Mogul Corporation T&N Subfund | $635 million |
| AC$S | $528 million |
| General Motors | $625 million |
| Honeywell Heating | $452 million |
| Garlock | $480 million |
| Gold Bond | $347 million |
| National Gypsum | $347 million |
| Abex Corporation | $307 million |
| Owens Corning Fibreboard, Owens Corning Subfund | $3.4 billion |
| The Flintkote Company | $214 million |
| Congoleum Corporation | $270 million |
| J.T. Thorpe Inc. | $153 million |
| Plibrico Company | $205 million |
| Unarco | $114 million |
| Republic Powdered Metals | $140 million |
| H.K. Porter Inc. | $104 million |
| Shook and Fletcher | $109 million |
| C.E. Thurston and Sons | $53 million |
| Celotex Asbestos Settlement | $1.2 billion |
| DII Industries, LLC | $2.5 billion |
| Federal-Mogul, Fel-Pro Subfund | n.a. |
| Federal-Mogul, Vellumoid Subfund | n.a. |
| Federal-Mogul, FMP Subfund | $55 million |
| G-1 | $770 million |
| J.T. Thorpe Company Successor | $233 million |
| Keene Creditors Trust | $45 million |
| Lykes Tort Claims | n.a. |
| United States Mineral Products | $8 million |
| UNR Asbestos-Disease Claims | n.a. |
| Utex Industries, Inc | $10 million |
| APG | $333 million |
| North American Refractories Company | $6.3 billion |
| Quigley Company, Inc. | $569 million |
| Skinner Engine Co. | n.a. |
| Thorpe Insulation Company | $389 million |
| W. R. Grace and Co. Asbestos | $2.9 billion |
| Christy Refractories | n.a. |
| Energy Future Holdings Corp. | n.a. |
| Fuller-Austin | n.a. |
| Metex | n.a. |
| Hercules Chemical Company, Inc | n.a. |
How to file a claim with an asbestos trust fund
If you have been diagnosed with an asbestos-related disease, we strongly encourage you to file a claim as soon as possible.
Provided you decide to file a claim with the aid of an attorney who specializes in asbestos cases, the process is very simple:
- Get properly diagnosed: Regardless of the trust fund which will process your claim, you need a formal diagnosis as evidence of your disease. A formal diagnosis supporting the causal relationship between your disease and occupational exposure to asbestos is crucial for your claim to be deemed valid following submission.
- Find a lawyer specializing in asbestos litigation cases: An experienced attorney specializing in asbestos litigation cases can help you tremendously through the process of filing a claim and can also negotiate with the trust funds to obtain the maximum compensation for you. A lawyer will guide you through the entire process and will provide permanent assistance from the moment your claim is submitted to the resolution.
- Provide the necessary documents: There are certain factors that may affect the value of your case, including the company you were an employee of, the asbestos products you were exposed to, your location, whether you served in the U.S. military or not, your diagnosis and your age. You will be required to provide documents that clearly state that you were an employee of the company in question, what your job entailed, as well as the period of time you had worked there. However, if you suffer from mesothelioma, the likelihood of being awarded substantial compensation is extremely high due to the severity and aggressive nature of the disease.
- Submit your claim: After gathering all the necessary details, your attorney will ensure your case meets the criteria of the trust fund and then files your claim. The processing may take between one month to one year or more, depending on the number of claims the trust has to deal with and also on the complexity of your case.
- Claim liquidation ensues: If your claim is deemed valid, which happens almost every time when you are assisted by a competent lawyer, the board will determine the amount of compensation you are eligible for and you will receive your payment.
What are the benefits of asbestos trust funds?
The biggest benefit of asbestos trust funds is that victims receive considerable financial compensation. This compensation is very important because the costs associated with asbestos-related disease treatment and follow-up care are extremely high, and can be a financial strain for some people and their families. For example, the cost of mesothelioma treatment, including chemotherapy, surgery, and radiation, could average between $11,000 to $12,000 a month. Without treatment, many asbestos-related diseases can be fatal in several years or even months.
Another benefit of trust funds is that they are funded with enough money, meaning both current and future victims of asbestos-related diseases may be able to receive compensation. Furthermore, victims may be awarded compensation in a relatively short amount of time.
Asbestos trust fund compensation can help families pay for:
- Lost income if the affected person can no longer work
- Medical treatments, such as surgeries and medication
- Travel expenses
- Other related expenses, such as medical devices and home health aides
Why choose Environmental Litigation Group, P.C. to handle your asbestos case
Pursuing asbestos cases is a very challenging and complex endeavor. Therefore, opting for a lawyer specializing in asbestos litigation is essential and will guarantee the success of your case.
The attorneys at ELG have a professional experience of over 30 years and have represented thousands of clients throughout the U.S.
We will do all in our power to obtain the maximum compensation available for your injury and provide constant assistance over the course of our collaboration.
All you have to do if you want to file a claim is send our legal team your employment or military records, which you must retrieve, and your medical records. Our law firm is unique for several reasons:
- We can file your claim with multiple bankruptcy trusts. If two or more asbestos companies might be responsible for your injury and have trust funds available, our highly experienced attorneys can file your claim with all of them in order to increase your compensation.
- We see your case from both a professional and a personal point of view. Asbestos-related diseases are devastating and entail a terrible amount of suffering. This is why we always approach our clients' cases from both a legal and a humane perspective. We are bound to manage your case as efficiently and quickly as possible so you will not have to waste valuable time.
- Our lawyers will thoroughly research your case. Lung cancer, asbestosis, and mesothelioma, as well as all the other diseases caused by asbestos, typically develop several decades after the first exposure. Naturally, it is often difficult to remember the exact circumstances you were exposed to the carcinogen. We will extensively research every aspect of your case in order to find details you might have forgotten or overlooked, information that may prove to be crucial for a successful outcome. Subsequently, our attorneys will include all relevant details in the description of your case and will prepare all the required documents and forms for you.
