Asbestos trust funds were established with the purpose of providing current and future claimants with financial compensation
Asbestos litigation has been determining numerous liable companies to declare bankruptcy since the late 1980s. Due to the increasing number of lawsuits filed against them, executives could no longer pay asbestos victims. Thereby, former employees who had developed mesothelioma or lung cancer as a consequence of occupational asbestos exposure were at risk of losing their compensation. Asbestos trust funds were created to ensure everyone will be able to recover the financial compensation they deserve. The first asbestos trust fund was set up by Johns Manville in 1988 and numerous other major companies followed shortly after.
While asbestos victims cannot file lawsuits against the companies which are currently under bankruptcy protection, the bankruptcy code allows former workers to file asbestos claims, which is actually a more effective and rapid way of recovering compensation. A lawsuit typically results in financial compensation in 2 or even 3 years, whereas the majority of people who file claims with asbestos trust funds will receive the money they are eligible for within several months from the moment of submission.
There are 60 asbestos trust funds in the U.S. at the moment, each managed by a board of trustees who do not have any connection with the company's executives or staff. The eligibility requirements a person who intends to request compensation has to meet are different for every asbestos trust fund. Similarly, the size of asbestos trust funds, as well as their financial resources, varies. A total of over $37 billion is available for claimants and approximately $18 billion has been paid to individuals who were neglectfully exposed to asbestos in the workplace until now.
It is also noteworthy that people whose injury has been caused by more than one company can request compensation from multiple asbestos trust funds. This will allow asbestos victims to recover the maximum compensation possible. Nevertheless, the requested payment may not come from all the asbestos trust funds, but you will still recover a considerable sum of money. The size of the asbestos trust fund you file with is one of the factors which might influence the outcome of your case.
TOP 30 ASBESTOS TRUST FUNDS
If you are struggling with a disease caused by occupational asbestos exposure, you are eligible for financial compensation. Our highly skilled attorneys have been providing quality legal representation to asbestos victims since 1990, having recovered over $1.4 billion from asbestos trust funds, and are willing to help you as well.