What are asbestos trust funds?
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. This forced companies to create trust funds to compensate then-current and future victims who had been exposed to their products.
Why were the asbestos trust funds created?
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.
How many trust funds are there and how much money is left for compensations?
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.
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|
|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.|
|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|
|Piper Aircraft Corporation||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|
|General Motors||$625 million|
|Honeywell Heating||$452 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|
|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|
|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|
|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|
|Energy Future Holdings Corp.||n.a.|
|Hercules Chemical Company, Inc||n.a.|
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.