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The establishment of the Settlement Fund for Mesothelioma stands as a beacon of hope. This initiative represents a collective effort to address the profound physical, emotional, and financial toll that mesothelioma inflicts upon its victims and their loved ones.
What Are Asbestos Trust Funds?
As mesothelioma and asbestos lawsuit filings increased in the late 1900s, many asbestos companies responded by filing for bankruptcy to avoid having to pay for their wrongdoings. Bankruptcy code at the time allowed these companies to limit or eliminate any obligations for future personal injury claims by forming asbestos trusts.
Bankrupt asbestos companies were then required by the courts to put aside money into asbestos trust funds to compensate future victims of the company’s asbestos products.
Today, more than 100 companies have established their own asbestos bankruptcy trusts. It’s estimated that more than $30 billion collectively has been set aside in these trusts to help victims of asbestos exposure and their families.
A few of these companies with asbestos trust funds are:
- Armstrong World Industries
- Babcock & Wilcox
- DII Industries
- Federal Mogul Corp.
- Flexitallic
- Johns-Manville Corporation
- National Gypsum
- Owens Corning Fibreboard
- Pittsburgh Corning Corp. (PCC)
- Turner & Newall
- United States Gypsum (USG)
- Western Asbestos Company
- W.R. Grace
How Do Asbestos Trust Funds Work?
Mesothelioma patients or those diagnosed with another asbestos-related disease can submit their claims to the asbestos settlement trusts set up by the bankrupt companies responsible for their asbestos exposure. The asbestos trust would pay those claims.
If you have been exposed to asbestos and diagnosed with mesothelioma or another asbestos-related disease (like asbestosis or lung cancer), you may be eligible to file a mesothelioma lawsuit — but only if the company has not already declared bankruptcy and established an asbestos trust fund.
You cannot file a lawsuit against a company that has created an asbestos trust fund. If that’s the case, you can seek financial compensation from that company by filing an asbestos trust fund claim.
Since many of the companies that filed for bankruptcy were leaders in the asbestos industry, it’s possible you may have one or more claims against existing or future trusts if you have an asbestos-related illness.
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