Mesothelioma Compensation Fund
Asbestos companies that file for bankruptcy must establish mesothelioma funds to help asbestos victims with damaged products. It is estimated that more than 100 companies have set aside $30 billion, so there is enough money for all future applicants with asbestos-related illnesses.
Get free legal advice today or call (800) 326-8900 to find out if you qualify for compensation from the Asbestos Trust.
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John Simmons, President of Simmons Hanly Conroy
What Are Asbestos Trust Funds?
As mesothelioma and asbestos lawsuits increased in the late 20th century, many asbestos companies filed for bankruptcy to avoid paying for their wrongdoing. At the time, bankruptcy law allowed these companies to limit or eliminate liability for future personal injury claims by establishing asbestos trusts.
The court then ordered the bankrupt asbestos company to set aside funds from the asbestos fund to compensate future victims of the company’s asbestos products.
Today, more than 100 companies have established their own asbestos bankruptcy funds. Together, these funds are estimated at more than $30 billion to help victims of asbestos exposure and their families.
Some companies with asbestos funds are:
- Armstrong World Industries
- Babcock and Wilcox
- DII Industry
- Commonwealth Tycoon Corporation
- Soft body
- Johns Manville
- National plaster
- Fiberboard from Owens Corning
- Pittsburgh Corning Corporation (PCC)
- Turner and Newal
- United States Gypsum (USG)
- Western Asbestos
- WR overtime
How does an asbestos trust work?
People with mesothelioma or someone diagnosed with another asbestos-related disease can file a claim with the Asbestos Settlement Fund established by the bankrupt business responsible for their asbestos exposure. The Asbestos Trust pays these compensations.
If you have been exposed to asbestos and have been diagnosed with mesothelioma or another asbestos-related disease (such as asbestosis or lung cancer), you may be eligible to file a mesothelioma lawsuit, but only if the business has not filed for bankruptcy and the trust is effective. asbestos. background.
You cannot sue the company that created the asbestos fund. If this is the case, you can seek financial compensation from the company by filing an Asbesti Trust Fund claim.
Since many of the companies that file for bankruptcy are leaders in the asbestos industry, if you suffer from an asbestos-related disease, you may have one or more claims against an existing or future trust.
Who is eligible to make an Asbestos Trust Fund claim?
Mesothelioma victims or family members representing them may be entitled to mesothelioma compensation from the manufacturer of the hazardous asbestos product that caused the disease.
You can file a claim as a family member even if your loved one is deceased.
Learn more about your legal options during a free consultation.
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Filing a Trust Fund Claim
If you are considering filing an asbestos trust claim, you must show that you are:
- Diagnosis of diseases related to asbestos
- Buy products containing asbestos from insolvent companies
Additionally, if you have been exposed to multiple asbestos-containing products, you may be eligible for compensation from multiple trusts. Different foundations have different requirements, such as submitting medical records or work history information for compensation.
The process of filing an asbestos fund claim generally follows these steps:
Contact an asbestos attorney
As a national mesothelioma law firm, our experienced asbestos attorneys can help you understand the steps necessary to file a mesothelioma trust claim, gather evidence to support your case, and determine which trusts you are eligible to file a claim against.
Call (800) 326-8900 or fill out our contact form to determine your eligibility.
One of our team members will collect information about your potential claim. Based on your work memory and company evidence, our attorneys will thoroughly investigate and determine the location of your exposure.
Once information about the exposure is obtained, the mesothelioma patient or others with knowledge of the exposure sign an affidavit stating that they have been exposed to the product.
check the case
At this time, our mesothelioma legal team and staff will review the exposure information and recommend an expedited or individual review of the claim.
Expedited Review: Most trusts offer fixed payments to those who meet the basic requirements for an approved claim; this means that all applicants with the same medical condition will receive the same reward (money).
Personal Review – If our attorneys determine that you may be eligible for a higher bonus based on the unique facts of your claim, they may recommend a personal review. In such a case, the trustee may enter an order that exceeds the expedited appeal provisions. The process may take longer and administrators may receive less money than an expedited review.
Once the claim has been resolved, the fund manager will pay you compensation.
Asbestos fund payments
The amount awarded by the Mesothelioma Trust is determined on a case-by-case basis and includes the following factors:
- Diagnosis of diseases related to asbestos
- is exposed to asbestos
- Severity of the disease and its effects on health
- Number of asbestos products exposed to each company
- Payout ratio determined by the fund at the time of restructuring
As the leading asbestos law firm, Simmons Hanly Conroy has the resources and experience to help victims of asbestos exposure across the country obtain the compensation they deserve.
To date, we have recovered more than $8 billion from thousands of asbestos clients.
Get a free consultation today to find out what legal action you can take.
Asbestos Trust List
Several companies that mine asbestos, manufacture asbestos products, or use asbestos materials in their production have filed for Chapter 11 bankruptcy and are reorganizing.
The bankruptcy court has asked these asbestos companies to establish funds to compensate current and future individuals for valid fiduciary claims for asbestos-related personal injuries.
The following is only a partial list of asbestos companies that have established funds.
Not sure what financing you’re eligible for? Let us help you.
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How Simmons Hanly Conroy Manages Asbestos Assets
Because many of the companies that file for bankruptcy are leaders in the asbestos industry, if you suffer asbestos-related injuries, you may have one or more claims against existing or future funds.
Your trust fund claim will be handled separately from your claim against a bona fide (non-bankruptcy) defendant because federal law prohibits an asbestos claim against a reorganized trust or partnership.
Key points about asbestos trust funds:
- Many asbestos companies have gone bankrupt and have reorganized.
- A fund has been established for current and future asbestos exposure claimants.
- Depending on your circumstances, you may have more than one bankruptcy filing.
- We have a bankruptcy department managed by experienced lawyers.
- Your attorney will develop a legal strategy that includes bankruptcy claims and all sources of recovery.
Mesothelioma Case Study: How the Asbestos Bankruptcy Claim Process Works
This 75-year-old US Navy veteran from the Midwest worked for 14 years as a pipeline inspector in the oil industry. He was diagnosed with pleural mesothelioma and he wants justice for the company that intentionally exposed him to asbestos decades ago.
One of our asbestos attorneys will gather information about your potential mesothelioma claim. He wasn’t sure what products he was exposed to.
Through extensive research, his legal team discovered various asbestos products to which he was exposed during his service in the Navy and later in the oil industry.
Midwest Navy veterans or others with knowledge of the exposure said in affidavits that they were exposed to asbestos-containing products, such as pipes, valves, insulation and other equipment.
Because the veteran was exposed to multiple products, his attorney, Simmons Hanly Conroy, filed a multi-funded asbestos claim. They include the basis for any business that manufactures asbestos-containing products that veterans come into contact with.
Outcome: The foundation reviews veterans’ claims and determines if their claims are eligible for compensation.
A Navy veteran from the Midwest was awarded an asbestos bankruptcy claim totaling $2.4 million. His legal team has also filed new lawsuits against several solvent shipbuilding companies over boat shows. The additional lawsuit brought his total loss to more than three million dollars.
Asbestos Bankruptcy Claim Payments
- $63,611 Pipeline Company Trust
- Fund of $280,930 from Valves Corporation
- $345,351 for asbestos businesses
- $1,137,651 Insulation Company Trust
- $600,000 in other trusts
An asbestos trust agreement allows you to pay Vanderbilt University mesothelioma specialists for treatments not covered by your health insurance. Also, he has enough money to set up his own foundation to take care of his family after his death.
Mesothelioma Lawsuit or Mesothelioma Fund?
In some cases, plaintiffs may choose to file mesothelioma lawsuits and asbestos fund claims. Speaking with an experienced asbestos attorney can help you understand your legal options and help you decide which direction to take.
Each state has its own laws that govern when a trust claim can be filed and how an asbestos trust agreement affects the resolution of a court settlement. Filing a claim for funds may affect the amount of the claim.
It is also important to remember that asbestos exposure and mesothelioma can be caused by the negligence of more than one company, and all companies are liable.
Working with your mesothelioma attorney, follow the process to file a lawsuit against all parties at fault: the founders of the asbestos trust and those who may still be held liable in court.