The Celotex Asbestos Settlement Trust was created in 1998 after the 1990 bankruptcy of Celotex Corporation and Carey Canada Incorporated. With about $1.5 billion in funding, the Trust pays people who developed an asbestos-related disease after being exposed to the company's products.
Quick Facts About Celotex Corporation Trust Fund and Lawsuits
Founded:
1920
Years Operated:
1920 - 2001
Headquarters:
Tampa, Florida
Business:
Insulation, roofing and building materials
Asbestos Trust:
Yes
Bankruptcy Status:
Filed October 12, 1990 and reorganized on December 9, 1996
Overview of the Celotex Corporation Asbestos Trust
Celotex’s reorganization plan, approved in 1996, included the creation of the Celotex Asbestos Settlement Trust, which relieved the company of all current and future asbestos-related liabilities, transferring them to the trust. The trust was formally established in 1998 and took on claims for both Celotex and its mining subsidiary. It owned 100% of Celotex until BPB acquired its wallboard and ceiling interests.
The company is noted in the Global Asbestos Market Research Report 2023 as a major asbestos company. In 2003, the court ordered the Celotex Asbestos Settlement Trust to pay more than $40 million to New York City for property damage claims related to asbestos in schools and other buildings.
The Celotex Asbestos Settlement Trust reviews claims using 2 tracks. These include Individualized Review, which evaluates every claim based on its individual facts, and Discounted Cash Payment, which offers a smaller fixed amount of money and requires less documentation.
Every disease the trust recognizes has a scheduled value, the baseline amount assigned to that condition before applying the payment percentage. As of June 23, 2023, the trust pays 7% of that scheduled value under the Individualized Review track. Trusts modify this percentage over time to ensure there’s still money for future claimants, so you may want to verify the trust’s current figure before filing.
Celotex Trust Scheduled Values by Disease
Disease category
Scheduled value
Maximum value
Bilateral pleural disease
$8,000
$20,000
Disabling bilateral interstitial lung disease
$32,000
$192,000
Lung cancer (one)
$39,000
$260,000
Lung cancer (two)
$58,000
$260,000
Malignant mesothelioma
$130,000
$325,000
Non-disabling bilateral interstitial lung disease
$16,000
$25,600
Other cancer
$26,000
$130,000
How Much Does the Celotex Trust Pay for mesothelioma?
Under the Individualized Review track, the trust assigns mesothelioma a scheduled value of $130,000, then pays the current percentage. This means the trust settles a claim at around $9,100 instead of the headline figure.
Claims the trust views as extraordinary can be worth up to the $325,000 maximum. Most people file with several trusts, not just one. A mesothelioma lawyer can tell you which trusts you qualify for based on your work history.
Who Can File a Celotex Asbestos Trust Claim?
To file a Celotex trust claim, you need a diagnosis in one of the trust-recognized disease categories and evidence that you were exposed to a Celotex or Carey Canada asbestos product. Evidence of exposure generally comes from employment records, military records, union records or statements from your coworkers. If a family member died from an asbestos-related disease, their estate can file a claim on their behalf.
How To File a Celotex Asbestos Trust Claim
Compiling your records is the first step when filing a Celotex Asbestos Trust Claim. You also need evidence verifying your exposure. Then, you’ll choose a claim track for filing your claim.
Steps To File a Trust Claim
Collect your diagnosis records and work history.
Gather evidence showing where and when you were exposed.
Choose a claim track. Individualized Review takes longer and usually pays more. Discounted Cash Payment is faster and offers a fixed amount.
File the claim. You can do this yourself through the trust or with the help of a mesothelioma attorney.
Respond to any requests the trust sends back before it makes an offer.
Our Patient Advocates can walk you through these steps and connect you with an attorney who has filed Celotex claims before. A free case review can also tell you whether you qualify for other asbestos trusts that relate to your work history.
Legal Help for People Exposed to Celotex Corporation’s Asbestos Products
If you were exposed to Celotex asbestos products and developed an asbestos-related disease, experienced mesothelioma attorneys can help you. They’ll manage the process of filing claims with the Celotex Asbestos Settlement Trust for you. Your attorney can help you secure compensation, ensuring your asbestos trust fund claim meets the trust’s individual deadline.
To find the right legal counsel for you and your family, our Patient Advocate team can connect you to lawyers with experience in cases like yours. In addition to filing your asbestos trust fund claim, they can assess what additional financial assistance options are available to you, including filing a mesothelioma lawsuit against if other companies without trusts are also responsible for your exposure and workers’ compensation.
Exposed to Asbestos at Celotex Corporation?
Gain access to trust funds, grants and other forms of compensation for you or your loved ones.
Throughout the 1980s and 1990s, Celotex and its mining subsidiary, Carey Canada, defended themselves against thousands of asbestos lawsuits and hundreds of property damage lawsuits. By 1998, Celotex had encountered 380,000 asbestos claims with an estimated liability of $200 billion. Prior to filing for bankruptcy and setting up its asbestos trust fund, Celotex fought many claims in court and was found liable for thousands of cases of asbestos-related diseases.
For example, in a notable 1989 case in Canada, Marion G. won $588,000 after her late husband’s exposure to Celotex asbestos in warehouse work caused his mesothelioma. For 48 years, Stuart worked for an asbestos insulation contractor and distributor, handling almost all of Carey Canada’s products in the warehouse that exposed him to asbestos. Celotex was found liable after refusing to settle, showing the importance of legal representation.
Haskel and Mattie M. also won a case against Celotex, based on exposure to asbestos dust from working with Celotex insulation products. The case included 12 other manufacturers, and the judge held Celotex responsible for 30% of the total damage amount of $125,000.
Celotex’s Asbestos History
Celotex was founded in Chicago in 1920 as a fiberboard insulation maker. It started as a subsidiary of the Philip Carey Company and became independent in 1932. Jim Walter Corporation acquired a controlling stake in Celotex in 1963 and completed the acquisition in 1964, relocating its headquarters to Tampa, Florida, in 1965.
The company expanded into roofing shingles, siding and other building materials before asbestos claims caused it to file for bankruptcy in 1990. After reorganizing, the company sold its divisions to other manufacturers. Eventually, Celotex Corporation ceased operations.
Asbestos is a heat-resistant mineral that was added to many Celotex products to make them fireproof. As an asbestos company, Celotex used the mineral because it was an affordable option to ensure their products resisted fire in residential homes and commercial buildings.
Carey Canada Inc. mined and processed asbestos for Celotex products. It operated an asbestos mine just south of Quebec City, Canada. The mine exposed workers to asbestos until it closed down in 1986.
Celotex’s Asbestos Products
Celotex’s asbestos products were primarily used in industrial and commercial settings. Commercial and residential construction projects, asbestos mines and manufacturing facilities are locations that may have used or manufactured Celotex products.
Asbestos-Containing Products Made by Celotex
Careystone Roofing, Siding, Sheathing and Baffles
Careystone Corrugated Sheets
Carey Firefoil Board and Panel
Carey Cenesto Board
Carey Industrial A-C Boards
Carey Marine Panel
Carey Thermalite
Careyflex Board
Celobric Buff Blend Textured
Celobric Insulating Brick Siding
Vitricel Asbestos Sheets
Celotex factory employees were exposed to asbestos as they manufactured company products. Those who install or handle Celotex products may develop illnesses from contact with asbestos-contaminated products.
Workers Who Were at Risk From Celotex Asbestos Products
Employees who worked at Celotex’s asbestos mine in Canada were at risk of heavy exposure to asbestos. Confined spaces inside the mine led to higher concentrations of airborne asbestos. Residents of the town near the mine faced dangerous levels of exposure as well.
Occupations Most at Risk
Boiler workers
Construction workers
Contractors
Electricians
Home remodelers
Insulation installers
Painters
Pipefitters
Repairmen
Roofers
Shipyard workers
In addition to the primary exposure workers experienced, their families were at risk for secondary exposure. Because asbestos fibers can stick to skin, hair and clothing, they can accidentally be brought home from worksites where the fibers float in the air. These can then be transferred to upholstery in the home or directly when hugging and handling laundry.
Celotex Asbestos Trust FAQs
Does Celotex contain asbestos?
Many Celotex products made before the mid-1980s contain asbestos. These include Careystone roofing and siding, Carey Firefoil board and Vitricel asbestos sheets. Products made after the company stopped using asbestos do not contain the mineral.
When did Celotex stop using asbestos?
Celotex phased out asbestos in its products by the mid-1980s. Asbestos-containing Celotex products remained in buildings after that, with many still in place today.
Is Celotex still in business?
The Celotex Corporation of Tampa, Florida, is no longer in business. It filed for bankruptcy in 1990 and sold its divisions to other manufacturers after it reorganized. A separate British company sold insulation under the Celotex name until January 2026, when its new owner, Soprema, renamed the products Sopratherm.
What is the current payment percentage for the Celotex asbestos trust?
As of June 23, 2023, the Celotex trust pays 7% of a claim’s gross value under its Individualized Review track. Trust administrators may adjust this percentage over time, so claimants should confirm the current figure before filing.
How much does the Celotex asbestos trust pay for mesothelioma?
A mesothelioma claim has a scheduled value of $130,000. At the trust’s current 7% payment percentage on the Individualized Review track, that comes out to around $9,100. Claims treated as extraordinary could be worth up to $325,000.
Who can file a Celotex asbestos trust claim?
People diagnosed with a disease that the trust recognizes who can prove they were exposed to a Celotex or Carey Canada asbestos product can file a claim. The estate of someone who died from an asbestos-related disease may also be able to file.
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