Bankrupt Asbestos Companies
Today, there are more than 30 billion dollars in asbestos bankruptcy funds. Although the statute of limitations is typically two years in most states, some asbestos claims can still be filed after this period has passed.
In such cases, you might still be entitled to financial compensation. Even after their bankruptcy, asbestos companies responsible for exposure can still be held accountable for exposing workers and consumers to the deadly fiber.
Bankruptcy trusts are put in place to ensure those affected receive their due compensation.
Asbestos exposure has had a devastating impact on workers and consumers, with thousands of individuals suffering from asbestos-related diseases such as mesothelioma, asbestosis, and lung cancer.
Asbestos fibers, once widely used in industries like construction, shipbuilding, and manufacturing, are now known to pose serious health risks.
Fortunately, the legal mechanisms in place through asbestos bankruptcy trusts continue to offer vital support for victims seeking justice and compensation.
The Role of Bankruptcy Trusts in Asbestos Claims
What Are Asbestos Bankruptcy Trusts? An asbestos trust fund claim is a financial entity established by companies that once manufactured or used asbestos products.
When faced with the overwhelming number of asbestos lawsuit, many companies filed for bankruptcy protection. The purpose of these trusts is to compensate victims of asbestos exposure who were harmed by the companies’ negligence.
According to Independent Trustees, which manages the remaining funds, approximately 60 companies involved in the production or use of asbestos have filed for bankruptcy, creating trust funds to settle claims from asbestos plaintiffs.
These trust funds hold billions of dollars in assets, which are used to pay asbestos trust fund payouts to claimants. Over the years, these funds have paid out billions in claims and continue to provide financial compensation to victims of asbestos exposure.
Independent trustees manage the remaining funds to ensure fairness and transparency in the distribution process.
Why Do Asbestos Companies File for Bankruptcy?
The bankruptcy filings are primarily due to the financial burden of an overwhelming number of mesothelioma lawsuits filed by workers who developed asbestos-related diseases.
According to the Centers for Disease Control and Prevention (CDC), more than 45,000 people in the U.S. die each year from asbestos-related diseases, with mesothelioma being one of the most common diseases caused by asbestos exposure.
Between the 1940s and 1980s, asbestos was commonly used in construction materials, insulation, and automotive parts, making blue-collar workers, factory workers, construction workers, and other industrial laborers the most vulnerable to exposure.
Bankruptcy protection allowed these companies to manage their asbestos liabilities and establish asbestos bankruptcy trusts to compensate victims.
These companies’ legal action to file for bankruptcy allowed them to limit their financial distress while still setting up a system to compensate asbestos claimants..
Why Asbestos Bankruptcy Doesn’t End Legal Accountability
Asbestos companies can still be held accountable despite filing for bankruptcy, asbestos companies are not absolved of their responsibility for exposing workers to asbestos.
Under U.S. law, specifically Chapter 11 bankruptcy proceedings, companies that were responsible for asbestos exposure are required to create asbestos bankruptcy trusts to compensate victims.
According to the Asbestos Disease Awareness Organization (ADAO), these trusts have paid out over $18 billion in compensation to victims as of 2019, highlighting their importance in providing justice for individuals affected by asbestos-related diseases.
The U.S. Judicial Panel on Multidistrict Litigation has confirmed that asbestos companies can still be held accountable for asbestos-related harm even after they declare bankruptcy, as long as they have established a trust to address future asbestos claims.
These trusts continue to file claims and ensure compensation for victims who have been diagnosed with asbestos-related diseases such as mesothelioma and lung cancer.
How Trusts Ensure Fair Compensation
Asbestos bankruptcy trusts are structured to provide fair compensation to victims through a detailed claims process. These trusts operate with strict oversight to ensure transparency and equitable distribution of funds.
Trustees are responsible for individual review, verifying the risks of asbestos exposure, and distributing funds based on the disease’s severity and exposure level.
In some cases, trust fund payouts can range from a few thousand dollars to several hundred thousand dollars, depending on the details of each claim.
The American Cancer Society has stated that the amount a claimant receives from mesothelioma trust funds is influenced by various factors, including the type of disease diagnosed, the level of exposure to asbestos, and the specific asbestos company involved in the exposure.
Taking Action: How to Seek Compensation
Steps to File a Claim with an Asbestos Bankruptcy Trust
Filing a claim with an asbestos bankruptcy trust can provide financial compensation for victims of asbestos exposure. Here are the essential steps:
Determine Eligibility: To qualify for asbestos trust fund compensation, future claimants must show they were exposed to asbestos by a bankrupt company and have been diagnosed with an asbestos-related disease such as mesothelioma or lung cancer.
Gather Documentation: Claimants need to gather medical records, work history, and evidence of asbestos exposure. This may include employer records, job descriptions, or information about the dangers of asbestos products in their workplace.
Submit the Claim: Once all the documentation is gathered, claimants can submit their claims to the relevant asbestos trust fund. Trusts review the claims and determine the appropriate compensation.
Receive Compensation: Once the asbestos trust claim is processed, the claimant will be awarded compensation based on the evidence provided.
The Importance Of Working With Mesothelioma Attorneys
Filing a claim with an asbestos bankruptcy trust can be complex. Many victims choose to work with experienced asbestos lawyers to ensure their claim is filed correctly.
Legal experts specializing in asbestos claims have in-depth knowledge of the process and can help victims gather the necessary documentation and maximize compensation.
If you or a loved one has been diagnosed with an asbestos-related disease, it is essential to act promptly.
Although the statute of limitations for filing asbestos claims is generally two years, some states offer extensions, allowing mesothelioma patients to file even after the standard period has expired.
Contact our team of experienced attorneys for a legal consultation. We will assess your eligibility for compensation from the asbestos trust.
List Of Bankrupt Asbestos Companies Accountable
-
- A & I Corporation Bodily Injury Trust
- A C & S Company
- A-Best
- A-Best Asbestos Settlement Trust
- A-Best Products – 2002
- P . Green 2002
- P. Green Cement Co.
- P. Green Industries
- P. Green Industries, Inc.
- P. I. Industries
- A.L. Burbank & Co., Ltd. – 2013
- A.P.I. Inc of Minnesota
- ABB Lummus
- ABB Lummus Global – 2006
- AC&S
- AC&S Asbestos Settlement Trust
- ACandS, Incorporated – 2002
- AP Green Cement Co
- AP Green Corporation
- AP Green Industries Inc
- APG Asbestos Trust
- API, Inc. 2005
- AR Sacaton LLC – 2009
- ARTRA Asbestos Trust
- ASARCO
- Aldrich Pump LLC & Murray Boiler LLC/Trane U.S. Inc.
- Alliance Coatings Co LLC – Bethlehem Steel
- Allis-Chalmers
- Amatex Corporation – 1982
- American Asbestos Textile Corp.
- American Shipbuilding Co. – 1993
- Anchor Packing Company
- Ancor Holdings Inc./National Gypsum – 1990
- Armstrong World Industries – 2000
- Artra Group, Inc. – 2002
- Asarco LLC Inc.
- Asbestec
- Asbestos Claims Management Corp. – 2002
- Asbestospray
- Atlas Corporation
- Babcock & Wilcox Asbestos Trust
- Babcock & Wilcox Co. – 2000
- Baldwin-Ehret Hill
- Bartells Asbestos Settlement Trust
- Bestwall LLC/Georgia-Pacific Corporation
- Bethlehem Steel
- Bondex International, Inc.
- Brauer Asbestos Trust
- Brauer Supply Company – 2005
- Brunswick Fabricators – 1998
- Burns & Roe Enterprises – 2001
- Burns & Roe, Inc. – 2001
- E. Thurston and Sons Asbestos Trust
- E. Thurston – 2003
- P. Hall Company – 2011
- Carey Canada, Inc. – 1990
- Carver Pump Company
- Cassiar Mines
- Celotex
- Celotex Asbestos Settlement Trust
- Celotex Corporation – 1990
- CertainTeed Corporation
- Chemertron
- Chicago Fire Brick – 2001
- Christy Refractories Co. LLC – 2008
- Combustion Engineering – 2003
- Congoleum Corp. – 2003
- Congoleum Plan Trust
- Consolidated Aluminum Corp. – 2013
- DII Industries – Haliburton/Harbison-Walker
- Daimler Chrysler
- Dana Corporation – 2006
- Delaware Insulations Distributors – 1989
- Detrick Company – MH Detrick
- Dowman Products, Inc. – 2013
- Dresser Industries -Halliburton
- Durabla Canada Ltd.
- Durabla Manufacturing Co.
- Duro Dyne Corporation
- EJ Bartells Co., Inc. – 2001
- Eagle-Picher Industries – 1991
- Eastco Industrial Safety Corporation
- Exploration Company
- Federal Mogul Corp
- Federal Mogul – FMP Subfund
- Federal Mogul – Fel-Pro Subfund
- Federal Mogul – T & N Subfund
- Federal Mogul – Vellumoid Subfund
- Fibreboard Corporation – 2000
- Foster Wheeler Corporation
- Flexitallic
- Flintkote
- Flintkote Company 2004
- Flintkote Mines Ltd. – 2004
- Forty-Eight Insulations – 1985
- Fuller-Austin Insulation Co. – 1998
- G-1 Asbestos Settlement Trust
- GAF Corporation
- GIT/Harbison-Walker – 2002
- Garlock Sealing Technologies LLC
- Garrison Litigation Management
- Gatke GAF Corporation – 1987
- General Motors Corp. – 2009
- GlT Tecgnologies – 2002
- Global Technologies – GIT
- H & A Construction
- H. K. Porter Asbestos Trust
- H. K. Porter Company – 1991
- HK Porter Co.
- Halliburton
- Harbison Walker
- Harbison-Walker Refractory Co.
- Harbison-Walker – 2002
- Harnischfeger Corp. – 1999
- Hayes–Lemmerz International Co
- Hercules Chemical Co. – 2008
- Hillsborough Holding Co. – 1989
- Insul Company – 2001
- J. T. Thorpe Inc. – Texas 2002
- J. T. Thorpe Inc. – California 2004
- J. T. Thorpe Company Settlement Trust
- J. T. Thorpe Successor Trust
- JP Stevens
- Johns Manville Corporation 1882
- Kaiser Aluminum Corp. – 2002
- Kaiser Aluminum and Chemical Company
- Kaiser Asbestos Personal Injury Trust
- Kaiser Gypsum Company, Inc.
- Keasbey & Mattison
- Keene Corporation – Baldwin-Ehret Hill
- Keene Creditors Trust
- Kellog Brown & Root
- Kentile Floors, Inc. – 1992
- LLC Industries
- Lake Asbestos of Quebec, Ltd. – 2005
- Leslie Controls, Inc. – 2010
- Lloyd E. Mitchell Co. – 2006
- Lone Star Steel
- Lummus Co.
- Lykes Bros. Steamship – 1995
- Lykes Tort Claim Trust
- M. H. Detrick -1998
- MH Detrick
- Management Group Ltd.
- Manville Personal Injury Settlement Trust
- Maremont Corporation
- McLean Industries – 1986
- Metex Mfg. Corp. – 2012
- Mid-Valley – Halliburton subsidiaries – 2003
- Morrison Knudsen
- Muralo Co. 2003
- Murphy Marine Services, Inc. – 2001
- NARCO / HoneywellNGC Bodily Injury Trust
- National Gypsum Co. – 1990
- National Gypsum Company – ACMC
- National Service Industries – 2012
- Nicolet, Inc. – 1987
- Nicolet/Keasbey & Mattison
- North American Refractories – NARCO 2002
- Oakfab Co., Inc.
- Oglebay Norton Co. (ONCO) – 2004Owens Corning / Fibreboard
- Owens Corning Corp./Fibreboard – 2000
- Owens Corning Fibreboard – Fibreboard Subfund
- Owens Corning Fibreboard – Owens Corning Subfund
- Pacific Insulation Co
- Pacor
- Pacor Inc.
- Paddock Enterprises LLC/Owens-Illinois, Inc.
- Pfizer/Quigley
- Philadelphia Asbestos Corp. – 1986
- Phillip Carey Corporation
- Pittsburgh Corning – 2000
- Plant Insulation Co. – 2009
- Plibrico
- Plibrico Co. – 2002
- Plibrico Sales & Service
- Porter-Hayden Co. – 2002
- Products Holding Corp.
- Proko Industries
- Prudential Lines, Inc. – 1986
- Pulmosan Safety Equipment Corp. – 2010
- Quigley Company – 2004
- Rapid-American Corp. – 2013
- Raybestos Company
- Raybestos-Manhattan
- Raymark Corp. – 1989
- Raymark Industries Inc
- Raytech Corporation – AKA Raymark 1989
- Raytheon Constructors Inc.
- Resillo Press Pad Co. – 2013
- Rock Wool Manufacturing – 1996
- Rutland Fire Clay Co. – 1999
- Saberhagen Holdings – 2013
- Sepco Corporation
- Shook & Fletcher Insulation Co. – 2002
- Shook and Fletcher Asbestos Settlement Trust
- Skinner Engine Co. – 2001
- Southern Peru Holdings, LLC
- Special Electric Co. – 2004
- Special Metals Corp. – 2002
- Specialty Products Holding Corp.
- Standard Insulations, Inc. – 1986
- State Insulation Corp. – 2011
- Stone & Webster Engineering
- Stone and Webster Asbestos Trust
- Swan Asbestos and Silica Settlement Trust
- Swan Transportation Co. – 2001
- Synkoloid Company
- Synkoloid – Artra Group
- T & N and Brake & Gasket
- T & N Limited
- T. H. Agriculture & Nutrition, LLC – 2008
- The Anchor Packing Company
- The Muralo Co., Inc. – 2003
- Thorpe Insulation Co. – 2007
- Todd Shipyards – 1987
- Trane U.S. Inc./Ingersoll-Rand Company
- Triple A Machine Shop, Inc. – 2010
- Turner & Newall
- Tyler Pipe / Swan Transportation
- U. S. Gypsum Corporation
- U. S. Minerals Corporation
- UNR Asbestos-Disease Claims Trust
- UNR Industries, Inc. – 1982
- USG Corporation 2001
- Unarco
- Unarco Industries, Inc. – 1982
- Union Carbide Corporation
- United Gilsonite Laboratories – 2011
- United States Gypsum
- United States Lines – 1986
- United States Mineral Products – 2001
- Unites States Gypsum
- Utex Industries, Inc. – 2004
- W. R. Grace Co. – 2001
- Wallace & Gale Co. – 1984
- Warren Pumps
- Washington Group International
- Waterman Steamship Corp. – 1983
- Western Asbestos Settlement Trust
- Western Asbestos – 2002
- Western MacArthur
- Western Macarthur Co. – 2002
- Yarway Corporation – 2013
- 48 Insulations Company – 1985