When manufacturers of asbestos products file for bankruptcy, they must set aside compensation for current and future asbestos victims in asbestos trust funds. There is currently an estimated $30 Billion available in these trusts, and Sokolove Law can help you pursue a portion of this money. We know the hardship mesothelioma brings on families like yours, which is why we fight for the justice you deserve.
What Are Asbestos Trust Funds?
Asbestos trust funds are a type of compensation set aside for victims of mesothelioma and other asbestos-related diseases. Companies that mined, produced, or used asbestos in their products and later filed for bankruptcy were forced to create these special trusts so people hurt by asbestos could file a claim for a portion of the money.
Filing an asbestos claim against a bankruptcy settlement trust typically moves more quickly through the system. It does not require you to give a deposition or go through a public trial in court. Further, depending on your exposure history, you may be able to access compensation from both mesothelioma trust funds and a lawsuit.
If you were exposed to multiple asbestos-containing products, you may qualify for compensation from multiple trusts. An experienced mesothelioma lawyer can help you determine your eligibility for trust fund compensation.
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Who Can File an Asbestos Trust Fund Claim?
Mesothelioma victims or immediate family members on their behalf may be eligible to receive compensation from the manufacturers of dangerous asbestos products that caused the disease. Even if your loved one is deceased, as a family member, you may be able to file an asbestos trust fund claim.
However, the time that you have to file a claim is limited, as different states and jurisdictions have different time limits for filing. If you delay, any rights you may have could be forever lost. The mesothelioma lawyers who work with Sokolove Law can help determine if you are still eligible and, if so, file your claim in time.
Average Asbestos Trust Fund Payout
Asbestos trust fund payouts are entirely dependent on a person’s diagnosis and individual exposure history.
Trusts award different compensation amounts depending on your disease or cancer type. Also, you will only qualify for trust fund compensation from companies whose products your legal team can prove you were exposed to. For these reasons, there is no way to determine exactly how much any given person may expect to receive from trust funds.
That said, working with an experienced mesothelioma lawyer is the best way to maximize your potential compensation. The asbestos attorneys at Sokolove Law have a vast database of information and resources to determine multiple manufacturers at fault for your illness — and, in turn, pursue compensation from every possible avenue.
A former operating engineer diagnosed with pleural mesothelioma received a total of $187,438 in asbestos bankruptcy claims. His legal team used his work and asbestos exposure histories to identify multiple products to which he was exposed.
He was also able to file additional asbestos lawsuits, which brought his total compensation to over $2 Million.
Understanding How Asbestos Trust Funds Are Made
Beginning in the 1980s, an influx of asbestos lawsuits caused some manufacturers to go out of business and file for protection under Chapter 11 of the bankruptcy code.
Asbestos companies that wanted Chapter 11 bankruptcy protection were ordered by the courts to put money aside for those harmed by their products. This meant creating a settlement trust to provide for current and future victims and their families.
For nearly 40 years, manufacturers of asbestos-containing products have tried to limit their liability for injuries they caused thousands of hard-working Americans by filing for protection under the bankruptcy laws. As a result, today there is an estimated $30 Billion in court-ordered trusts available to compensate mesothelioma patients and their families.
List of Asbestos Trust Funds
The following is just a partial list of asbestos companies with established trust funds set up to compensate current and future individuals with valid asbestos personal injury claims.
|Company||Asbestos Trust Fund||Created|
|A-Best Products||A-Best Asbestos Settlement Trust||2004|
|A. P. Green Industries||APG Asbestos Trust||2014|
|A.B.B. Global Inc.||Lummus 524(g) Asbestos Personal Injury Trust||2006|
|A & I Corporation||A & I Corporation Asbestos Bodily Injury Trust||2005|
|ACandS, Inc.||ACandS Asbestos Settlement Trust||2008|
|API, Inc.||API, Inc. Asbestos Settlement Trust||2006|
|Armstrong World Industries||Armstrong World Industries, Inc. Asbestos Personal Injury Settlement Trust||2006|
|ARTRA Group, Inc.||ARTRA 524(g) Asbestos Trust||2007|
|Asarco, Inc.||ASARCO LLC Asbestos Personal Injury Settlement Trust||2009|
|Asbestos Claims Management Corp./National Gypsum Company||NGC Bodily Injury Trust||1993|
|Babcock & Wilcox Company||Babcock & Wilcox Asbestos Trust||2006|
|Bondex||Bondex Asbestos Personal Injury Trust||2016|
|Burns & Roe Enterprises, Inc.||Burns & Roe Asbestos Personal Injury Settlement Trust||2009|
|C.E. Thurston & Sons||C.E. Thurston & Sons, Inc. Asbestos Trust||2006|
|Celotex Corporation/Carey Canada, Inc.||Celotex Asbestos Settlement Trust||1997|
|Combustion Engineering||Combustion Engineering 524(g) Asbestos Personal Injury Trust||2006|
|Congoleum Corporation||Congoleum Plan Trust||2010|
|DII Industries, LLC (Dresser Industries)||DII Industries, LLC Asbestos Personal Injury Trust||2005|
|Eagle-Picher Corporation||Eagle-Picher Industries Personal Injury Settlement Trust||1996|
|EJ Bartells Co., Inc.||Bartells Asbestos Settlement Trust||2001|
|Federal Mogul Corp.||Federal Mogul U.S. Asbestos Personal Injury||2007|
|Ferodo||Federal-Mogul Asbestos Personal Injury Trust – Ferodo Subfund||2011|
|Flexitallic||Federal-Mogul Asbestos Personal Injury Trust – Flexitallic Subfund||2011|
|Flintkote Co./Flintkote Mines Ltd.||Flintkote Company and Flintkote Mines Limited Asbestos Personal Injury Trust||2015|
|General Motors||MLC Asbestos Personal Injury Trust||2012|
|G-I Holdings||G-1 Asbestos Settlement Trust||2009|
|Hercules Chemical||Hercules Chemical Company, Inc. Asbestos Settlement Trust||2011|
|H. K. Porter Co., Inc.||H. K. Porter Asbestos Trust||1998|
|J. T. Thorpe (C.D. Cal.)||J.T. Thorpe Settlement Trust||2006|
|J. T. Thorpe (S.D. Tex.)||J.T. Thorpe Company Successor Trust||2004|
|Johns-Manville Corporation/Philadelphia Asbestos Corp. (Pacor)||Manville Personal Injury Settlement Trust||1988|
|Kaiser Aluminum Corp.||Kaiser Asbestos Personal Injury Trust||2006|
|Keene Corp.||Keene Creditors Trust||1996|
|Kentile||Metex Asbestos Personal Injury Trust||2015|
|Leslie Controls||Leslie Controls, Inc. Asbestos Personal Injury Trust||2011|
|MacArthur Co./Western Asbestos Company||Western Asbestos Settlement Trust||2004|
|North American Refractories Co. (NARCO)||North American Refractories Company Asbestos Personal Injury Settlement Trust||2013|
|Owens Corning||Owens Corning Fibreboard Asbestos Personal Injury Trust – Owens Corning Subfund||2006|
|Owens Corning/Fibreboard Corp.||Owens Corning Fibreboard Asbestos Personal Injury Trust||2006|
|Pittsburgh Corning||Pittsburgh Corning Corporation Asbestos Personal Injury Trust||2013|
|Plant Insulation Company||Plant Insulation Company Asbestos Settlement Trust||2012|
|Plibrico Co.||Plibrico Asbestos Trust||2006|
|Porter-Hayden Co.||Porter Hayden Bodily Injury Trust||2006|
|Quigley Co.||Quigley Company, Inc. Asbestos Personal Injury Trust||2013|
|Raymark Corp./Raytech Corp.||Raytech Corporation Asbestos Personal Injury Settlement Trust||2000|
|Shook & Fletcher Insulation Co.||Shook & Fletcher Asbestos Settlement Trust||2002|
|T. H. Agriculture & Nutrition||T. H. Agriculture & Nutrition, LLC Asbestos Personal Injury Trust||2009|
|Thorpe Insulation Co./Pacific Insulation Co.||Thorpe Insulation Company Asbestos Personal Injury Settlement Trust||2006|
|Turner & Newall||Federal-Mogul Asbestos Personal Injury Trust – Turner & Newall Subfund||2007|
|United Gilsonite Laboratories||United Gilsonite Laboratories Asbestos Personal Injury Trust||2015|
|United States Gypsum Co./ USG Corp.||United States Gypsum Asbestos Personal Injury Settlement Trust||2006|
|United States Mineral Products||United States Mineral Products Company Asbestos Personal Injury Settlement Trust||2005|
|UNR Industries, Inc./Unarco Industries, Inc.||UNR Asbestos-Disease Claims Trust||1990|
|W.R. Grace & Co.||WRG Asbestos Personal Injury Trust||2014|
|Yarway||Yarway Asbestos Personal Injury Trust||2016|
The company that made the products you were exposed to may not be included on the list above — but this does not necessarily mean that you can’t access mesothelioma compensation. After decades of mergers and acquisitions and restructuring, many of the trusts have different names, but funds may still be available.
Steps in Filing a Trust Fund Claim
- A member of our team will collect information about your work history and potential asbestos exposures. Working with this provided information, we will conduct a thorough investigation to identify the asbestos-containing products that you may have been exposed to.
- After evidence of exposure has been identified, testimony (affidavit, sworn statement, or deposition) will be collected from the person or persons with knowledge of the exposure.
- 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.
- Trust fund administrators will “liquidate” your claim and provide you with compensation.
In some circumstances, claimants may choose to file both an asbestos trust claim and a mesothelioma lawsuit. Filing both can become an option when a single asbestos-related illness was caused by several companies’ negligence.
Trust Funds and Other Types of Compensation
Based on your work history and the historical data collected by our mesothelioma lawyers over the past several decades, we are often able to link asbestos exposure to one or more asbestos-containing products.
For this reason, it is possible that you may qualify for compensation from asbestos trust funds, lawsuit settlements and verdicts, and other avenues like VA benefits. Pursuing money from asbestos bankruptcy trusts does not prevent you from also filing a lawsuit against solvent companies potentially responsible for your cancer.
Filing an asbestos claim also does not impact your VA benefits. As a veteran, you may still seek assistance from the U.S. Department of Veterans Affairs in the form of disability compensation, health care coverage, and other benefits.
Common Questions About Asbestos Trust Funds
Should I work with a lawyer to file a trust fund claim?
Working with a lawyer is the best way to maximize the compensation you receive.
Trust fund compensation is tied to your asbestos exposure history — but many clients’ exposures occurred decades ago. In turn, it can be challenging to remember the exact asbestos products you were exposed to and what company manufactured them. This is why it is critical to work with an experienced mesothelioma law firm like Sokolove Law.
We maintain a large warehouse full of evidence and a proprietary database that we will utilize to determine if we have already represented someone from the same or similar jobsite and will review the evidence for your claim.
How much money is left in asbestos trust funds?
An estimated $30 Billion is available to pay out claims to victims of asbestos exposure.
Can you get compensation for asbestosis?
You may be eligible for financial compensation if you were diagnosed with other asbestos-related diseases, including asbestosis and lung cancer. Our team can help you determine if you may qualify for compensation.
Are asbestos trust fund payouts taxable?
Asbestos trust fund compensation tends to be tax-free — however, your mesothelioma lawyer can help you determine whether the money you receive is taxable.
File a Trust Fund Claim With Sokolove Law
Sokolove Law is the first truly national law firm, with offices and a licensed attorney in nearly every state. Our national network of attorneys understands occupational exposure and have access to a warehouse of documents on asbestos-containing products and where they were used. This will help determine the products you were exposed to.
At Sokolove Law, the goal of your legal team is to provide you the personal attention you deserve.
If you or a loved one has been diagnosed with mesothelioma, you may be entitled to compensation. The Case Managers at Sokolove Law are ready to help guide you through the mesothelioma claims process. Receive a free case review to get started.