While they are immune to lawsuits, bankrupt asbestos companies continue to provide victims of exposure with compensation through their asbestos trust funds
After the discovery of a link between asbestos exposure and deadly diseases in the '60s, companies which mined, produced, or used asbestos started to find themselves named as defendants in many lawsuits. As a consequence, a large number of these companies began to file for bankruptcy protection. The asbestos companies whose request was approved were subsequently required to set up asbestos trust funds so that the people they injured could still recover the compensation they deserved.
Nowadays, there are approximately 60 active asbestos trust funds in the U.S. which continue to provide financial compensation to victims of occupational asbestos exposure. Since bankruptcy protection grants asbestos companies immunity to lawsuits, filing a claim with their asbestos trust funds is the only way of obtaining compensation as a victim of exposure. This course of action is much simpler and faster than filing a regular lawsuit, as asbestos trust funds were created with the intent of lessening the burden of asbestos victims.
However, asbestos victims can also hold liable out-of-business companies. While you can indeed file a lawsuit against a company which is no longer operational, recovering financial compensation might prove quite challenging, as they often lack the necessary resources to pay out liabilities. Nevertheless, taking legal action is a worthy endeavor in this case as well. A lawyer with vast experience in pursuing compensation for asbestos victims can help you tremendously even if the company responsible for your suffering is out of business.
If you struggle with a disease which developed as a result of workplace asbestos exposure, Environmental Litigation Group, P.C. will gladly help you file a claim with asbestos trust funds. Contact us now at 205.328.9200 for further guidance and our specialized lawyers will promptly evaluate your case.