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Asbestos companies that declare bankruptcy are required to establish mesothelioma trust funds to help the victims of asbestos harmed by the company’s products. An estimated $30 billion has been set aside by over 100 companies, so there’s enough money available for all future claimants with asbestos-related diseases.
Get a free legal consultation or call (800) 326-8900 today to learn if you may be eligible to receive asbestos trust fund compensation.
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John Simmons, Chairman of Simmons Hanly Conroy
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.
- 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.
Filing a Trust Fund Claim
If you’re considering filing an asbestos trust fund claim, you need to prove that you were:
- Diagnosed with an asbestos-related illness
- Exposed to an asbestos-containing product from the bankrupt company
In addition, if you were exposed to multiple asbestos-containing products, you may qualify for compensation from multiple trusts. Different trusts have different requirements — like submitting medical records or work history records — to receive compensation.
The process of filing an asbestos trust fund claim generally follows these steps:
Contact Asbestos Attorneys
As a national mesothelioma law firm, our experienced asbestos attorneys can help you understand the steps to file a mesothelioma trust fund claim, gather the evidence to prove your case, and determine which trusts you’re eligible to submit claims to.
Call (800) 326-8900 or fill out our contact form to determine your claim eligibility.
Collection of Information
One of our team members will gather information about your potential claim. Based on your recollection of your work combined with company evidence, our attorneys will thoroughly investigate and pinpoint the exposure sites for you.
Once exposure information has been determined, the person with mesothelioma or another person with knowledge of the exposure will sign affidavits stating he or she was exposed to the product or products.
Review the Case
At this point, our team of mesothelioma attorneys and their staff will review exposure information and recommend either an expedited review or an individual review of the claim.
Expedited Review: Most trusts have determined a payout for those that meet basic requirements for approval of a claim; this means every claimant approved with the same disease gets the same award (money).
Individual Review: If our lawyers determine that you may be awarded more money based on the unique facts of your claim, they may recommend that you pursue an individual review. In this case, the trustee may award a higher amount than offered through the expedited review. This process can take longer, and it is possible the trustee may award less money than the expedited review.
Once the claim is liquidated, the trust fund administrators will provide you with compensation.
Asbestos Trust Fund Payouts
Amounts awarded from the mesothelioma trust funds vary according to a number of specific factors in each case, including the:
- Asbestos-related illness you’ve been diagnosed with
- Extent of your exposure to asbestos
- Severity of this illness and its effect on your well-being
- Number of asbestos products you were exposed to by each company
- Payment percentages set up by the trust during reorganization
As a leading asbestos law firm, Simmons Hanly Conroy has the resources and experience to help victims of asbestos exposure nationwide get the compensation they deserve.
We’ve recovered over $8 billion for thousands of asbestos clients so far.
Get a free consultation today to see what legal actions may be available to you.
Asbestos Trust Fund List
Several companies who mined asbestos, produced asbestos products, or used asbestos materials in production processes have filed for Chapter 11 bankruptcy protection and reorganized.
The bankruptcy courts have required these asbestos companies to set up trust funds to compensate current and future individuals with valid asbestos personal injury trust claims.
The following is just a partial list of asbestos companies with established trust funds.
|Company||Asbestos Trust Fund||Created|
|A.P. Green||APG Asbestos Trust||2014|
|ABB Lummus Global||ABB Lummus Global Inc. 425(g) Asbestos PI Trust||2007|
|A-Best Products||A-Best Asbestos Settlement Trust||2006|
|ACandS||ACandS Asbestos Settlement Trust||2009|
|API, Inc.||API, Inc. Asbestos Settlement Trust||2006|
|Armstrong World Industries||Armstrong World Industries Asbestos Personal Injury Settlement Trust||2006|
|ARTRA Group, Inc.||Artra 524(g) Asbestos Trust||2007|
|ASARCO, LLC||ASARCO LLC Asbestos Personal Injury Settlement Trust||2009|
|Asbestos Claims Management Corp. (ACMC)||NGC Bodily Injury Trust||2003|
|Babcock & Wilcox Co.||Babcock & Wilcox Company Asbestos Personal Injury Settlement Trust||2006|
Not sure which trust funds you qualify for? Let us help you.
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How Simmons Hanly Conroy Handles Asbestos Trust Funds
Since many of the companies that filed for bankruptcy were leaders in the asbestos industry, if you have an asbestos-related injury, it is possible you may have one or more claims against existing or future trusts.
Your trust fund claims are handled separately from your lawsuit against solvent (non-bankrupt) defendants because federal law prohibits asbestos-related lawsuits against the reorganized company or the trust.
Key points about asbestos trust funds:
- Many asbestos companies have filed for bankruptcy protection and reorganized.
- Trusts have been set up for current and future claimants harmed by asbestos exposure.
- You might have multiple bankruptcy claims, depending on your case.
- We have a dedicated bankruptcy department, led by senior attorneys.
- Your attorney will develop a legal strategy that includes bankruptcy claims and all sources of recovery.
Mesothelioma Case Study: How the Asbestos Bankruptcy Claims Process Works
A 75-year-old U.S. Navy Veteran from the Midwest was employed for 14 years as a pipeline inspector in the oil industry. He was diagnosed with pleural mesothelioma and wants to seek justice from the companies that knowingly exposed him to asbestos decades ago.
One of our asbestos attorneys gathers information about his potential mesothelioma claim. He wasn’t sure which products he was exposed to.
Through an in-depth investigation, his legal team identifies multiple asbestos products that caused his exposure during his service in the Navy and subsequent work in the oil industry.
The Midwest Navy veteran or another person with knowledge of the exposure signs affidavits stating he was exposed to asbestos-containing products, including pipes, valves, insulation and other equipment.
Because the veteran was exposed to multiple products, his Simmons Hanly Conroy attorney recommends filing claims with multiple asbestos trust funds. They include the trusts established for each of the companies that manufactured the asbestos-containing products the veteran was exposed to.
Results: The trusts review the veteran’s claims and determine his claims are eligible for compensation.
The Midwest Navy veteran receives a total of $2.4 million from asbestos bankruptcy claims. His legal team also files additional lawsuits against multiple solvent companies in the shipbuilding industry for his Navy exposures. The additional lawsuits bring his total compensation to more than $3 million.
His Asbestos Bankruptcy Claims Payouts
- $63,611 Pipe company trusts
- $280,930 Valves company trusts
- $345,351 Asbestos company trusts
- $1,137,651 Insulation company trusts
- $600,000 Other trusts
Mesothelioma Lawsuit or Mesothelioma Trust Funds?
In some circumstances, claimants may choose to file both a mesothelioma lawsuit and an asbestos trust claim. Talking to an attorney experienced in asbestos litigation can help you understand your legal options and decide which route to take.
Each state has its own laws that dictate when trust claims can be made and how asbestos trust fund compensation affects the determination of lawsuit settlements. Filing a trust fund claim can affect the amount of compensation received from a lawsuit.
It’s also important to remember that asbestos exposure and mesothelioma may be caused by more than one company’s negligence, and all companies should be held responsible.
Work with your mesothelioma lawyer to follow the procedures for filing claims against all negligent parties — those who established asbestos trust funds and those who can still be held responsible in court.
As a leading mesothelioma law firm, Simmons Hanly Conroy has the experience to help you navigate the complicated legal system.
We have a bankruptcy department dedicated to these types of claims and led by senior attorneys who will work with you throughout the asbestos trust fund and lawsuit processes.
Call (800) 326-8900 or get a free legal consultation to learn more.
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Thanks For Reading
mostafa gamal says
very good article
Splendid indeed, keep it up.