Mesothelioma trust funds provide compensation to eligible individuals with asbestos-related diseases. According to the Rand Corporation, 730,000 asbestos exposure victims filed lawsuits against asbestos companies who had negligently exposed them to asbestos during the period from the early 1970s through the end of 2002, and these numbers are rising.
Mesothelioma patients are not always eligible for asbestos trust fund proceeds, nor are trust funds the only method by which victims can receive compensation. The Lanier Law Firm is a nationwide law firm with extensive experience in asbestos litigation. We help our clients identify all responsible parties and obtain maximum compensation through every means available.
What is a mesothelioma trust fund?
The dangers of exposure to asbestos and asbestos-containing products were recognized as far back as the 1930s, and by the 1950s, many asbestos manufacturers and employers were aware of the dangers of asbestos products but failed to provide workers with warnings or protective measures. Many companies actively concealed this information, knowingly subjecting their workers to years of daily exposure to a highly hazardous product.
Since asbestos-related illnesses often have a latency period of 20 to 50 years, workers were unaware of the danger until large numbers of them became ill with mesothelioma, lung cancer, asbestosis or other asbestos diseases. As vast numbers of injured workers filed mesothelioma lawsuits against the negligent companies, these companies quickly became overwhelmed with their liabilities.
Facing insolvency, the companies filed for Chapter 11 bankruptcies. The companies were court-ordered to set aside monies to compensate future asbestos claimants through trust funds set up as part of their reorganization under the Chapter 11 bankruptcy code. The purpose of the asbestos bankruptcy trusts was to ensure mesothelioma compensation would be available for present and future claims.
Chapter 11 U.S. Code § 524(g) establishes these funds as a no-fault system that protects the companies from asbestos lawsuits. This helps to ensure enough money will be available for future victims.
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Below is a list of the asbestos bankruptcy trust funds to date:
- ABB Lummus Global Inc. 524(g) ASB PI Trust
- A-Best Asbestos Settlement Trust
- ACandS Asbestos Settlement Trust
- APG (AP Green) Asbestos Trust
- API, Inc. Asbestos Settlement Trust
- Armstrong World Industries Asbestos Personal Injury Settlement Trust
- ARTRA (Synkoloid) 524(g) Asbestos Trust
- ASARCO Asbestos Personal Injury Settlement Trust
- Babcock & Wilcox Asbestos Personal Injury Settlement Trust
- Brauer 524(g) Asbestos Trust
- Burns & Roe Asbestos Personal Injury Settlement Trust
- C.E. Thurston & Sons Asbestos Trust
- Celotex Asbestos Settlement Trust
- Christy Refractories Asbestos Personal Injury Trust
- Combustion Engineering 524(g) Asbestos PI Trust
- Congoleum Plan Trust
- DII Industries, LLC Asbestos PI Trust – Halliburton Subfund
- DII Industries, LLC Asbestos PI Trust – Harbison Walker Subfund
- Durabla Asbestos Trust
- Eagle-Picher Industries, Inc. Personal Injury Settlement Trust
- Federal-Mogul Asbestos Personal Injury Trust – Ferodo Subfund
- Federal-Mogul Asbestos Personal Injury Trust – Flexitallic Subfund
- Federal-Mogul Asbestos Personal Injury Trust – FMP Subfund
- Federal-Mogul Asbestos Personal Injury Trust – T&N Subfund
- Flintkote Asbestos Personal Injury Trust
- Fuller-Austin Asbestos Settlement Trust
- Garlock Settlement Trust
- GEO V. Hamilton Asbestos Trust
- G-I Holdings, Inc. Asbestos Settlement Trust
- H.K. Porter Asbestos Trust
- Hercules Chemical Company, Inc. Asbestos Settlement Trust
- J.T. Thorpe Company Successor Trust
- J.T. Thorpe Settlement Trust
- Kaiser Aluminum & Chemical Corporation Asbestos Personal Injury Settlement Trust
- Kaiser Gypsum Asbestos Personal Injury Trust
- Keene Creditors Trust
- Leslie Controls Asbestos Personal Injury Trust
- Manville (Johns Manville Corporation) Personal Injury Settlement Trust
- Maremont Asbestos Personal Injury Trust
- Metex (Kentile Floor) Asbestos PI Trust
- Motors Liquidation Company (GM) Asbestos Personal Injury Trust
- National Gypsum Company Bodily Injury Trust
- North American Refractories Company (NARCO) Asbestos Personal Injury Settlement Trust
- Owens Corning/Fibreboard ASB Injury Trust – FB Subfund
- Owens Corning Fibreboard ASB Injury Trust – OC Subfund
- Pittsburgh Corning Corporation Asbestos Personal Injury Settlement Trust
- Plant (Insulation) Asbestos Settlement Trust
- Plibrico Asbestos Trust
- Porter Hayden Bodily Injury Trust
- Quigley Company, Inc. Asbestos PI Trust
- Raytech Corporation Asbestos PI Settlement Trust
- Rock Wool Manufacturing Company Asbestos Trust
- Sepco Asbestos Personal Injury Trust
- Shook & Fletcher Asbestos Settlement Trust
- Specialty Products Holding Corp. (Bondex) Asbestos Personal Injury Trust
- State Insulation Corporation Asbestos Personal Injury Trust
- T.H. Agriculture & Nutrition, LLC (THAN) Asbestos Personal Injury Trust
- Thorpe Insulation Settlement Trust
- United Gilsonite Laboratories Asbestos Personal Injury Trust
- United States Gypsum Asbestos Personal Injury Settlement Trust
- United States Mineral Products Company Asbestos Personal Injury Settlement Trust
- Western Asbestos Settlement Trust
- WRG (W.R. Grace) Asbestos PI Trust
- Yarway Asbestos Personal Injury Trust
How do trust funds help mesothelioma victims?
Mesothelioma trust fund claims provide asbestos victims a means to access compensation sooner and with fewer uncertainties when compared to filing a lawsuit.
Filing a Trust Fund Claim
Every trust fund has its own procedures for filing claims, but they tend to have a few common denominators. You will need to provide information to prove you are eligible. Most trusts give you a choice between a standard or expedited review process. The skilled mesothelioma lawyers at The Lanier Law Firm are familiar with the procedures of the individual trusts and can handle the entire process for you.
The following criteria must be met for claimants to be eligible to receive trust fund proceeds:
- Exposure to asbestos fibers through the fault of the company for whom the trust was set up, including second-hand exposure experienced by family members when workers carried asbestos fibers home on their clothing
- A confirmed medical diagnosis of an asbestos-related illness
Documentation You Will Need
You will need to provide the following: