A mesothelioma trust fund was established for the benefit and support of negligent asbestos producers or companies that are completely unable or unwilling to pay their debts/compensation to mesothelioma victims. The main reason for establishing this asbestos trust fund is to save money for future mesothelioma claims.
The asbestos trust fund protects mesothelioma victims who are eligible for financial compensation from asbestos companies or manufacturers that have declared bankruptcy.
The asbestos trust fund is no longer a new concept in our society; in this post, we will provide you with quality information about asbestos trust funds and other things you should be aware of.
What is an AsbestosTrust Fund
An asbestos trust fund, also known as a “mesothelioma trust fund,” is a type of compensation set aside for people who have mesothelioma or other cancers caused by asbestos exposure.
Manufacturers of asbestos-contaminated products have been able to manage their liabilities for many years by filing for Chapter 11 bankruptcy protection in court.
Asbestos trust funds cover and compensate mesothelioma victims financially. Your eligibility for compensation from negligent asbestos manufacturers is determined by your history of exposure.
Manufacturers of asbestos-contaminated products have been able to manage their liabilities for many years by filing for Chapter 11 bankruptcy protection in court.
Asbestos trust funds cover and compensate mesothelioma victims financially. Your eligibility for compensation from negligent asbestos manufacturers is determined by your history of exposure.
Obtaining mesothelioma compensation can be difficult. Working with a reputable law firm that is well-versed in an asbestos trust fund claim and settlement procedures is critical. An asbestos attorney can assist you in obtaining all of the necessary documents or evidence to prove that your asbestos exposure, which caused mesothelioma or other asbestos-related diseases, was caused by the asbestos manufacturer.
Who is eligible to file for an asbestos trust fund Claim?
Individuals who were exposed to asbestos which leads to mesothelioma cancer or other asbestos-related disease are qualified to file for a mesothelioma claim against the manufacturers of asbestos products.
Those who got exposed to asbestos by using any asbestos-contaminated products are eligible to file for an asbestos trust fund claim.
Workers who go exposed to asbestos in their workplace by their employer are eligible to file for a trust fund claim and settlement. for example, some employers who make use of asbestos in their company are careless and sometimes because of their personal gain or profit, they forgot to create public awareness among the workers concerning the dangers of asbestos. so individuals who got exposed through this means are eligible to file for asbestos claims.
A family member who got exposed to asbestos through secondhand means is eligible to file for a mesothelioma claim.
The dependant of the asbestos victim who died is eligible to file for an asbestos trust fund claim and settlement.
Top Asbestos/ MesotheliomaTrust Funds
Many asbestos manufacturing companies that are known for producing asbestos-containing products have set up bankruptcy trust funds to settle current and future asbestos victims. some of those companies include United state Gypsum, W.R. Grace, Armstrong World, Johns Manville, and more.
Below is the list of some available asbestos trusts for mesothelioma victims and families in the United state.
Company Name: Johns Manville Corporation Trust
Estimate of Initial Assets: $ 2.5 Billion
Year Established: 1988
Company Name: Pittsburgh Corning Corporation Trust
Estimate of Initial Assets: $ 3.4 Billion
Year Established: 2011
Company Name: United State Gypsum Trust
Estimate of Initial Assets: $ 3.9 Billion
Year Established: 2006
Company Name: Owens Corning Fibreboard Subfund Trust
Estimate of Initial Assets: $ 1.5 Billion
Year Established: 2006
Company Name: Armstrong World Industries Trust
Estimate of Initial Assets: $ 2 Billion
Year Established: 2006
Company Name: Owens Corning Corning Corporation Trust
Estimate of Initial Assets: $ 3.4 Billion
Year Established: 2006
Company Name: Babcock & Wilcox Trust
Estimate of Initial Assets: $ 1.8 Billion
Year Established: 2006
Company Name: W.R. Grace and Co. Trust
Estimate of Initai Assets: $ 2.9 Billion
Year Established: 2011
Company Name: Western Asbestos [ western MacArthur Trust]
Estimate of Initial Assets: $ 2 Billion
Year Established: 2004
Company Name: DII Industries Trust
Estimate of Initial Assets: $ 2.5 Billion
Year Established: 2005
All this list of top trust fund information was revealed -by RAND by the Institute for civil justice asbestos bankruptcy trust report in 2015.
What is The Total Amount of Money Left in Asbestos Trust Funds?
There are about sixty active available asbestos trust funds with an estimate of $ 30 Billion for future Applicants.
these listed companies’ trusts have paid applicants nearly $20 billion since 1980. note that this amount includes a $15 billion estimate that was paid off to claimants from 2006 to 2012, which happens to be the most current information because Mesothelioma and other asbestos-related diseases take time to develop, so due to the long latency period information about new claimants will take a long time to be available.
Trust funds are accepted after a thorough rough calculation of legal proceedings. During this process, the amount of money required for current and future asbestos compensation will be determined. a management plan is also established to make sure that enough cash will be available for the settlement of future claimants.
How Does Asbestos Trust Fund Payouts Work?
Asbestos or mesothelioma trust funds provide a specified payment percentage of the asbestos claim value in other to save or keep the money for asbestos future.
An asbestos trust fund payment percentage is likely to be between 1 to 100%of the total value of a mesothelioma claim and may vary based on the number of people who file for a claim. for instance, if the mesothelioma claims- average value is $180,000 and the trust payment percentage is 25% the payout is expected to be $45,000 and it could be considered sufficient in paying for treatment expenses and lost salaries.
How To File For An Asbestos Trust Fund Claim
For you to file for an asbestos trust fund claim, there are some necessary steps you must take. some of these steps include getting enough documents and evidence that will prove your primary exposure was asbestos fibers, not only that, you are also expected to meet the fund’s requirements.
Since this is not what you can achieve alone, you must work with a reputable law firm or a mesothelioma lawyer who is well-experienced in asbestos trust fund claims.
First Step: Meet Asbestos Trust Fund Criteria
Every asbestos trust fund has set standards that must be reached in other to have a favorable filling outcome. These set standards or requirements can be found on the asbestos trust fund website.
The asbestos trust fund compulsory criteria include:
- You must provide evidence that will show the exact time you got exposed to asbestos.
- Location of your asbestos exposure
- Evidence of your test result or diagnosis.
- The name of the asbestos-containing products that you used
- Statute of limitations for filing for an asbestos trust fund claim
Second Step: Gather evidence to Backup your Claim
You and your lawyer must work as a team to get enough evidence that will back up your claim
some of the important documents you must provide are as follows:
- Diagnosis report: This is strong evidence that can support your claim, it could be a pathology result and imaging scan report that indicates the presence of mesothelioma cancer or another asbestos-related disease.
- Confirmation of your diagnosis: This can could come in form of a physical statement that will be given to you by an experienced mesothelioma doctor.
- Location of your exposure: This happens to be one of the required documents or evidence that will prove your exposure to asbestos. this evidence can help you in holding the company responsible for your exposure and it must contain your work record, witness statement, and more.
- Asbestos Involvement: You will need to provide medical documentation indicating the extent to which asbestos caused mesothelioma cancer or other asbestos-related diseases.
Third Step: Claim Submission
As soon as the law firm you are working with gathers all the necessary evidence, they will proceed into submitting it according to the trust’s procedure. Your claim can be submitted through the asbestos trust fund website, Howerever some trusts may ask your lawyers to submit a printed claim via mail.
Fourth Step: Claim Reviewed for Approval
A claimant’s asbestos or mesothelioma trust fund claims can be reviewed by a trust administrator through Expedited or an individual review. so when asking to choose from any of these options for a trust fund admin to review your claim you must work with your attorneys in other to understand the procedures or make inquiries from the trustee to have a full understanding of each of the processes.
Expedited Review: In this type of review your asbestos/ mesothelioma claim will be joined together with other claims. for example, if you are diagnosed with mesothelioma cancer your claim will be merged together with other claimants’ who have the same diagnosis, these multiple claims are being reviewed at once which makes it faster than the individual review option.
During this expedited review a payment amount will be fixed and claimants normally receive their financial compensation on time than that of an individual review.
Individual Review: In this type of asbestos trust fund claim, your claim will be separately reviewed and this may take a longer time than an expedited review.
Your cancer stage and the total number of your dependents will be considered during this process.
A claimant may receive a higher or a lower compensation related to a fixed amount of an expedited review.
Claimants who were diagnosed with aggressive diseases like mesothelioma cancer, and who are in need of fast finical help may contemplate choosing an extraordinary claim. This type of claim is a better option for claimants who have met up with the expedited review criteria and those whose asbestos exposure is a result of a particular product or employer.
An extraordinary review settlement or compensation may lead to arbitration when the claimants do not accept the fixed settlement amount. However, the claimant is eligible to sue the trust once the arbitration process fails.
To make things easier you must have to work with a well-experienced lawyer who will instruct you on the to choose the right asbestos trust fund review that has a favorable outcome.
Filing Limitations for a Mesothelioma Trust Fund Claim
Before taking these bold steps to file for an asbestos trust fund claim, it is important to know or make inquiries on legal options. An experienced mesothelioma attorney can be of great help to you in the planning process and they will also decide if your decision on filing for an asbestos trust fund claim is right.
Here is a list of things you must know before filing for an asbestos trust fund claims
Statutes of Limitation: Before filing for an asbestos trust fund claim you must know the time limit set by each trust and you must not exceed the limit cause if this happens know that your claim will be invalid. Generally, you are expected to file for an asbestos trust fund claim between 2 to 3 yrs after your diagnosis or the death of a loved one.
State Laws: The federal government allows every state to set up its asbestos law. State legislation gives orders on how to trust compensation can influence the resolution of a claim award.
Setoffs: Many times, when a claimant receives a trust compensation, the companies they sue may subtract the amount of that compensation from the courts’ award. some states that may accept a setoff trust payment are Texas, Illinois, west virginia, and new york.
Filing Multiple Claims and Lawsuits: most times, claimants may be allowed to file for asbestos trust claims and lawsuits simultaneously. some state law may request a piece of detailed information from claimants about other formerly claims they have filled
Information Sharing: Every state court has its own rule associated with sharing claim information with a lawsuit company. some of the state courts may request for disclosure of any asbestos trust fund claims that were submitted to the trust throughout the discovery stage of a claim.
How are the Asbestos Bankruptcy Trusts Created?
Mesothelioma or an asbestos trust fund is created via Chapter 11 Bankruptcy courts and deposited with a huge amount of money for the claimant’s future settlement or compensation, which allows individuals diagnosed with mesothelioma and another asbestos-related disease to file for a trust fund claims rather than suing the company responsible for their asbestos exposure.
Asbestos victims may be allowed to file for an asbestos claim against more than 1 trust. During this procedure you may be asked to provide your medical report, a doctor’s statement, and evidence of your asbestos exposure. A reputable law firm or experienced attorney can help you by providing you with a top list of asbestos bankruptcy trusts and also help make things easier for you during an asbestos trust fund procedure.
In some cases where asbestos producers are not financially stable to start a trust fund, they may rather file for Chapter 7 bankruptcy liquidation. in the Chapter 7 bankruptcy liquidation procedure manufacturers of asbestos can sell their company’s assets and give to the court in which they will give the money to the current and future claimants.
If an asbestos company has enough money to clear off its asbestos liabilities and wishes to continue its business, they are expected to submit its plans to the Chapter 11 bankruptcy court for a reorganization. Their plans must contain a fixed amount they will save or keep in trust which will be enough to clear off current and future clients.
Conclusion
I believe we have provided you with enough information about asbestos trust funds, Getting a trust fund settlement is possible if you meet all the criteria listed in this post. A good experience mesothelioma lawyer can be of great help to you and it is advisable that you reach out to one now in other to get a successful trust fund outcome.
