The Celotex Asbestos Settlement Trust fund was created in 1998 following the company’s 1990 bankruptcy. Funded with about $1.5 billion, this trust compensates individuals diagnosed with asbestos-related illnesses from Celotex products.
Quick Facts About Celotex Corporation Trust Fund and Lawsuits
Founded:
1921
Years Operated:
1925 - Present
Headquarters:
Hadleigh, United Kingdom
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.
Trust Fund Updates
The current payment percentage is 7%.
Mesothelioma has a scheduled value of $130,000.
Lung cancer has a scheduled value of $39,000.
Other cancers have a scheduled value of $26,000.
Celotex is noted in the Global Asbestos Market Research Report 2023 as a major asbestos company. In 2003, the court ordered the trust to pay more than $40 million to New York City for property damage claims related to asbestos in schools and other buildings.
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 George 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 McNair 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 the early 1920s as a fiberboard insulation company. The company grew throughout the 20th century and expanded its product line to include a variety of construction materials such as roofing shingles and siding.
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.
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D. Carl Money is an attorney at Nemeroff Law. He has devoted his career to fighting for workers diagnosed with mesothelioma and their families. Money has more than 25 years of experience fighting for people with asbestos-related diseases. He’s licensed in Texas, New York, England and Wales and belongs to various legal organizations across the U.S. and U.K.
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