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Companies that used asbestos and declared bankruptcy set up mesothelioma trust funds to compensate people exposed to asbestos who developed mesothelioma or other asbestos-related diseases. Lawyers with asbestos trust fund experience can help you prove exposure and file your claim.
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Meirowitz, S. (2024, April 24). Mesothelioma and Asbestos Trust Funds. Asbestos.com. Retrieved April 25, 2024, from https://www.asbestos.com/mesothelioma-lawyer/compensation/trust-fund/
Meirowitz, Samuel. "Mesothelioma and Asbestos Trust Funds." Asbestos.com. Last modified April 24, 2024. https://www.asbestos.com/mesothelioma-lawyer/compensation/trust-fund/.
Key Facts About Mesothelioma Trust Funds
Of the more than $40 billion contributed to asbestos trust funds, there was an estimated $25 billion left in 2016, according to the most recent report.
Asbestos trust fund payouts range from $7,000 to $1.2 million with a $180,000 median value for mesothelioma claims.
More than 60 active asbestos trust funds have set aside money for future asbestos claims.
These trusts paid claimants nearly $24 billion between 2004-2016.
An asbestos trust fund is a dedicated account set up to provide compensation to those with mesothelioma and other diseases as a result of asbestos exposure. Asbestos manufacturers created these trust funds as part of Chapter 11 bankruptcy protection.
Mesothelioma patients may be able to file claims with more than one trust fund. Finding a lawyer with experience in asbestos trust fund claims is essential. They will gather the evidence needed to prove your exposure.
Companies that used asbestos have faced numerous lawsuits from people who became ill from asbestos exposure. The large number of asbestos claims forced many companies to declare bankruptcy. As a condition of their bankruptcy protection, these companies created trust funds to manage active and future asbestos claims.
Those with mesothelioma who were exposed to asbestos by their employer should discuss their eligibility for a trust with a lawyer. Eligible claimants can include those exposed secondhand, such as household members. Family members who lost a loved one from asbestos exposure can also file a claim.
Find an Asbestos Trust Fund
Find out which companies have a bankruptcy trust and the amount of money available.
List of Asbestos Trust Funds
The following is a comprehensive list of asbestos trust funds available to mesothelioma patients and their families.
Dozens of asbestos companies set up asbestos bankruptcy trusts to compensate future asbestos claimants. Companies such as Johns Manville, W.R. Grace and United States Gypsum contribute to the billions of dollars that are available to people with asbestos-related diseases and their families.
Imerys Talc America, Inc. and the company’s former owner, Cyprus Mines Corporation, will create a collective $862 million dollar trust. The goal is for…
The scheduled value for asbestos trust fund payouts ranges from $7,000 to $1.2 million, according to the most recent available research. The median value for mesothelioma claims is $180,000. The differences in settlement values for mesothelioma claims pre-bankruptcy contribute to this wide range of payouts.
Mesothelioma trust fund claims often pay six figures, according to a 2016 Mealey’s Asbestos Bankruptcy report. The amount of compensation for mesothelioma a claimant can receive from an asbestos trust depends on several factors.
Each asbestos trust assigns claim values to various types of asbestos diseases. This “schedule” involves many factors. One example is how much the company paid before filing for bankruptcy.
Only a qualified attorney can determine if you are eligible and help you seek the mesothelioma compensation you deserve.
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Only a qualified attorney can determine if you are eligible and help you seek the mesothelioma compensation you deserve.
How Much Money Is Left in Asbestos Trust Funds?
About $25 billion was left in asbestos trust funds in 2016, which is the most recent estimate available in a 2018 report by the U.S. Chamber Institute for Legal Reform. The actual amount is unknown because several new trusts have formed since then, and funding obligations continue to replenish active trusts.
About 60 asbestos trust funds remain active. These trusts paid claimants nearly $24 billion between 2004 and 2016 alone, which is the most recent information available.
Trusts are established after rigorous estimation proceedings. These proceedings determine how much money should be set aside for current and future asbestos claims. Management procedures are established to ensure the funds last long enough to compensate future claimants.
To make sure enough money is available for future claims, claimants typically receive a percentage of what their claim is worth. This prevents funds from depleting too soon, but it also means that most claimants get less than they might otherwise receive.
How Do Trust Fund Payment Percentages Work?
Trust funds offer a set payment percentage of a claim’s value to preserve money for future patients who will be diagnosed years from now. Trust administrators evaluate the percentage regularly to ensure enough funds remain for future claims.
Asbestos Trust Fund Payout Factors
Type of asbestos-related disease
Payment schedule the trust established
Current payment percentage for the trust
For example, for a claim worth $180,000 (the median value for mesothelioma claims), if the trust’s payment percentage is 25%, the payout would be $45,000. That compensation is substantial enough to help cover medical bills and lost wages.
How to File an Asbestos Trust Fund Claim
Filing a trust fund claim involves several steps. The first step is to meet the fund’s eligibility criteria. Next, your lawyer will gather the evidence before filing the claim.
An outline of the progression of an asbestos trust fund claim includes a claim review process.
Step 1: Meet Trust Fund Criteria
Each asbestos trust fund sets its criteria that potential claimants must meet to file a successful claim. The trust fund’s website typically outlines the requirements.
Common Trust Fund Criteria
When your asbestos exposure occurred
Where the exposure took place
Proof of an asbestos-related diagnosis
Information or evidence about the asbestos products you were exposed to
Statute of limitations for filing a claim
The criteria changes depending on many factors. These can include the place of exposure, the types of products involved and when the company used asbestos products.
Step 2: Collect Evidence to Support Your Claim
You will need to gather evidence to support your claim. Your attorney and their team will help you and conduct investigations.
Evidence Typically Required
Patient’s Diagnosis: Medical documentation proving an asbestos-related diagnosis, generally pathology reports and imaging scans
Physician Statement: A statement drafted by a qualified doctor confirming the diagnosis.
Exposure Site: Evidence confirming asbestos exposure, which may include witness affidavits, employment records and invoices
Asbestos Involvement: Medical documentation describing the extent to which asbestos contributed to the claimant’s disease
Research into your work history is an important part of the process. You’ll also work with your medical team to gather diagnosis reports and other health information.
Step 3: Submit Your Claim
Once your attorney has gathered evidence, they will submit it per the trust’s protocols. Most trusts accept claims submitted through their websites.
To receive compensation from asbestos trust funds, it’s essential to have a lawyer who knows the ins and outs of asbestos litigation.
Other trusts may require the submission of a printed claim through the mail. Your attorney will find the best method to submit your claim to ensure a smooth approval process.
Step 4: Claim Reviewed for Approval
Asbestos trust funds have separate review processes for claims based on an individual’s asbestos exposure and particular life situation. Make sure to inquire with the trust’s administrators or ask your attorney to explain the process. The trust’s administrators will review the evidence in your claim.
Evidence Review Processes
Expedited Review: Your claim will be grouped based on your diagnosis. This allows trust administrators to review the claims more quickly. A fixed payment amount is associated with an expedited review. Claimants typically receive payment faster than with an individual review.
Individual Review: The administrators will individually review your claim. This takes longer than an expedited review. They consider more factors in an individual study, such as the extent of your disease and how many dependents you have. The payment amount could be higher or lower than the fixed amount associated with an expedited review.
Claimants diagnosed with terminal diseases, such as mesothelioma, who need compensation fast may consider an extraordinary claim. This is a good option for claimants who meet the criteria for an expedited review and whose exposure was from a single product or employer.
The settlement offered in this review may move to arbitration if the claimant is unsatisfied with the settlement amount. If arbitration fails, claimants have a right to sue the trust. An experienced mesothelioma attorney has the expertise to know which type of asbestos trust fund review is likely to result in a better outcome for your case.
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Filing Limitations for a Mesothelioma Trust Fund Claim
Laws and courts have established limits on how long people have to file claims with asbestos trust funds. Regulations also differ by state regarding how trust fund claims impact lawsuits.
Variables to Discuss With Your Lawyer
Statutes of Limitations: A trust fund claim must fall within the time limit set by each trust. Each trust sets its limits for filing a claim. This period is generally around two to three years after a mesothelioma diagnosis or death.
State Laws: The federal government allows states to form their asbestos legislation. State laws dictate how compensation affects the determination of lawsuit awards.
Setoffs: Those who have received a trust payout may get only partial payment from a court award. Some states may permit setoffs for trust payments. These states include Illinois, New York, Texas and West Virginia.
Filing Multiple Claims and Lawsuits: In some cases, claimants can file asbestos trust claims and lawsuits. Various state laws require claimants to disclose information about other claims they may have reported in the past.
Information Sharing: State courts have different rules about sharing trust claim information with lawsuit defendants. Some courts require disclosure of any claims submitted to trusts during the discovery phase of a lawsuit.
Before filing a trust fund claim, you must know all your legal options. A qualified mesothelioma lawyer can help you navigate this process. They’ll determine if filing an asbestos trust fund claim is right for you.
How Are Asbestos Bankruptcy Trusts Created?
Mesothelioma trust funds are generally created through Chapter 11 bankruptcy courts. These trusts comprise enough money to pay for future claims. People harmed by asbestos exposure can file a trust fund claim rather than suing a company.
Some companies didn’t have enough financial standing to establish a trust fund. They instead filed for Chapter 7 bankruptcy liquidation. Through reorganization, they sold off assets, and courts distributed money to claimants.
Creating Asbestos Bankruptcy Trusts
Plan Submission: Some companies can’t afford to pay asbestos liabilities. They must submit plans to a bankruptcy court for reorganization. These plans include how much will go into the trust for asbestos claimants and creditors.
Estimates Established: The court holds estimation proceedings, which resemble court trials. Each interested group estimates how much should go into the trust. They also include testimony from experts knowledgeable about the value of past asbestos lawsuit settlements.
Judge’s Approval: The bankruptcy judge weighs the evidence, including the estimates and expert testimony. Once approved, the company transfers the money to a trust fund, and a trustee manages the trust.
Trustee Management: An appointed trustee manages the trust and the claimant process. They ensure that enough funds are available to future claimants. Trustees must provide annual reports on the financial state of the trust.
Mesothelioma patients may be able to file claims against one or more trusts. The process requires medical records, often a physician statement and asbestos exposure summary. An experienced asbestos lawyer will provide a list of asbestos bankruptcy trusts. They can also help you navigate the trust fund process.
Trust funds are available to help people with all types of asbestos-related diseases. Mesothelioma claims usually result in the highest compensation.
How Asbestos Trust Fund Claims Compare to Other Mesothelioma Claims
Trust fund claims differ from lawsuits and VA claims. However, they can still pay significant compensation to people injured by asbestos products.
Compensation from lawsuits comes through settlements or jury verdicts. Trust funds, on the other hand, protect bankrupt asbestos companies from future asbestos lawsuits. The trust fund handles future claims rather than the reorganized company.
VA claims are not legal claims. They offer compensation and health care to veterans of the U.S. armed forces and their families. A qualified mesothelioma law firm can help you determine your legal options.
Asbestos Bankruptcy Trust Fund Regulation
The federal government monitors asbestos trust funds and how they disburse money. The Furthering Asbestos Claim Transparency Act is one example of attempted federal regulation. It has drawn criticism from plaintiffs’ lawyers and support from defendants’ lawyers.
The FACT Act would make asbestos trust funds report their payouts. Some critics state it would put claimants’ personal information in a public database. The bill has stalled in the legislature without action since 2017.
Since 2018, the U.S. Department of Justice has called for more accountability in the administration of asbestos trust funds. The department has indicated that trust funds lack adequate safeguards. Establishing such safeties would prevent fraudulent claims and mismanagement.
Common Questions About Asbestos Trust Funds
Will I need an attorney to file a mesothelioma trust fund claim?
To receive compensation from asbestos trust funds, it’s essential to have a lawyer who knows the ins and outs of asbestos litigation and can guide those clients through the process of filing with the trust funds, knowing which trust funds to contact, identify the kinds of products and exposures that will qualify for those trusts.
Answered By: Jim Kramer, Mesothelioma Attorney, Simmons Hanly Conroy Law Firm
What are the pros and cons of filing an asbestos trust fund claim versus a lawsuit?
The pros and cons depend on your individual case and whether you are eligible to file both types of claims. It is best to speak with a mesothelioma attorney to learn about the personal pros and cons that may affect whether you should file a mesothelioma lawsuit, trust fund claim or both.
Is asbestos trust fund compensation taxable?
Compensation from asbestos trust funds is generally tax-free. Still, only a mesothelioma attorney or tax expert can confirm whether you may owe taxes to the state or federal government resulting from such compensation.
How much is the average trust fund claim payout?
Each trust fund sets different payouts for asbestos-related diseases. While there is no average trust fund payout, it isn’t uncommon for mesothelioma patients to receive compensation totaling six figures after filing claims with multiple trust funds.
Can a family member file an asbestos trust fund claim?
Yes, the estate of someone who has died from an asbestos-related disease can file claims, such as wrongful death claims, with asbestos trust funds. A mesothelioma attorney can provide guidance on how to file a successful claim.
