The Rapid-American Asbestos Personal Injury Liquidating Trust closed in 2025. It was created after Rapid-American assumed liability for Philip Carey Manufacturing’s asbestos claims. Speak to a lawyer for alternative compensation options if you were exposed to the company’s asbestos products.
Written by D. Carl Money | Scientifically Reviewed by Sean Fitzgerald, PG | Edited by Amy Edel | Last Update: January 26, 2026
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The Rapid-American Asbestos Personal Injury Liquidating Trust stopped accepting new claims on June 6, 2025, and has depleted its funds. The trust no longer offers compensation to people diagnosed with mesothelioma or other asbestos-related diseases from Philip Carey Manufacturing products. However, other compensation options may still be available.
Rapid-American Corporation assumed liability for asbestos claims related to Philip Carey Manufacturing, which sold asbestos products before June 1, 1967. Rapid-American filed for Chapter 11 bankruptcy in 2013 to address this asbestos liability and established the asbestos trust fund with approximately $12.3 million from insurance settlements. The trust opened for claims on Nov. 28, 2022, and paid 18% to 21% of scheduled claim values to approved claimants before closing.
If you developed mesothelioma or lung cancer from exposure to Philip Carey asbestos products, you may still pursue compensation through trust fund claims and lawsuits against other responsible companies. Workers’ compensation benefits may also apply depending on your state and employment records. A mesothelioma attorney can help you identify remaining compensation options.
With the asbestos trust fund closed, people diagnosed with mesothelioma or lung cancer from Philip Carey asbestos should consult a lawyer to discuss their compensation options. This could include workers’ compensation or pursuing a claim against another company if it was also responsible for your exposure.
Your mesothelioma lawyer will gather your work and medical records to document your history of asbestos exposure and how it directly led to your diagnosis. In this process all asbestos products and the asbestos companies responsible for your exposure will be identified. Your lawyer will file asbestos trust fund claims and lawsuits with these companies if you’re eligible, managing the entire process until your compensation is secured.
A Patient Advocate will help make the process of selecting the right lawyer for you easier, matching you with an expert with a record of success with cases like yours. Your Patient Advocate will also offer 24/7 confidential support, scheduling of appointments with renowned mesothelioma doctors and free resources.
Gain access to trust funds, grants and other forms of compensation for you or your loved ones.
Get Help NowRapid-American began facing mesothelioma lawsuits in 1974 after acquiring Philip Carey. The thousands of claims created substantial financial pressure, and in its 2013 bankruptcy, the company listed an estimated 275,000 asbestos claims and $100 million to $500 million in debt from legal costs. Many of these claims involved employees and others exposed to asbestos from Philip Carey and Rapid-American products.
Key Rapid-American and Philip Carey Mesothelioma Lawsuits
These lawsuits highlight the long-term occupational asbestos exposure risks from Rapid-American and Philip Carey products. Workers in manufacturing, metalwork and other industrial jobs faced prolonged exposure, which led to asbestos-related diseases. The litigation demonstrates how courts have addressed multiple claims arising from the same exposure over decades.
Philip Carey Manufacturing began in Ohio in 1888 and built its business around insulation products for boilers, pipes, generators and other equipment. For nearly 80 years, the company mined asbestos and used it in a wide range of industrial materials.
In 1972, Philip Carey merged with Rapid-American Corporation, another Ohio-based company. The merger linked Rapid-American to decades of asbestos use in insulation and other products.
Because Philip Carey relied heavily on asbestos, workers and consumers faced dangerous exposure. Over time, Rapid-American and its related companies became the focus of thousands of legal claims tied to asbestos diseases.
Philip Carey and its subsidiaries, including Carey Canada, used asbestos in industrial equipment like boilers, pipes, insulation and generators. Carey Canada also ran an asbestos mine in Quebec to supply these products.
Asbestos-Containing Products From Philip Carey
These asbestos-containing products were commonly used across many industrial worksites, often without proper safety measures in place. As a result, countless workers were unknowingly exposed to toxic asbestos fibers.
Asbestos fibers used in Philip Carey products could spread widely in industrial settings. Workers in these roles often handled insulation, boilers, pipes and other asbestos-containing materials directly, putting them at the greatest risk of exposure.
Higher Risk Jobs
People who worked with Philip Carey equipment or asbestos-containing products before the 1970s faced a high risk of developing asbestos-related illnesses. Diseases like mesothelioma often take many years, sometimes decades, to appear after the initial exposure. Anyone who believes they may have been at risk should talk to their doctor and schedule regular health screenings for early detection.
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Asbestos.com. (2026, January 23). Rapid-American Corp./Philip Carey Manufacturing Corp. Asbestos Trust Fund. Retrieved January 30, 2026, from https://www.asbestos.com/companies/rapid-american-philip-carey-manufacturing-co/
"Rapid-American Corp./Philip Carey Manufacturing Corp. Asbestos Trust Fund." Asbestos.com, 23 Jan 2026, https://www.asbestos.com/companies/rapid-american-philip-carey-manufacturing-co/.
Asbestos.com. "Rapid-American Corp./Philip Carey Manufacturing Corp. Asbestos Trust Fund." Last modified January 23, 2026. https://www.asbestos.com/companies/rapid-american-philip-carey-manufacturing-co/.
An occupational scientist or another expert who specializes in occupational hazards reviewed the content on this page to ensure it meets current scientific standards and accuracy.
Sean Fitzgerald, PG, is a research geologist specializing in asbestos environmental studies.
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