An asbestos trust fund can be a viable payout option for some victims of asbestos exposure and mesothelioma to obtain compensation for their medical costs and pain and suffering. Mesothelioma bankruptcy trust funds can be formed when a company that produced products with asbestos in them has filed for Chapter 11 bankruptcy protection. As part of the bankruptcy proceeding, the company is required to set up a trust fund to give compensation for current and future mesothelioma claims. As of now, there are approximately 60 trust funds active and $30 billion that is available to those who qualify.
Mesothelioma Trust Fund Settlements & Payouts
When you are considering filing an asbestos-related claim against one of these trust funds, it is natural to wonder about the level of compensation you might receive. The level of compensation that is available will differ between each fund, as well as the exact claim that you make. As with other mesothelioma claims, the trust fund administrators will review your medical expenses, lost income, and other costs related to your treatment, such as travel costs, as well as pain and suffering of a mesothelioma diagnosis.
The amount of financial compensation is determined like other mesothelioma claims, but the payout from the trust fund is different in that only a percentage of the total compensation amount may be paid. Trust funds must have funds available for those who will make claims later, most trust funds cannot make a full payment on your claim. Rather, the trust fund administrator will decide how much money each claimant is entitled to, and they will be paid a percentage of that amount.
For instance, the US Gypsum Asbestos Trust has a payout percentage of 25% for most claims. That means if you were awarded $100,000, you would get $25,000 from the trust. The payment percentage can change over the years.
How to File a Mesothelioma Trust Fund Claim
Before you file a trust claim, you and your loved ones should consult with an experienced mesothelioma attorney to understand all of the legal options for compensation. In some situations, the claimant might be able to file claims against several trust funds. Or, have a claim against a trust and have a mesothelioma personal injury lawsuit against another company or companies.
But having several claims going at once can affect the amount of compensation you get, so it is even more important to work with a mesothelioma law firm to make sure you have chosen the best route for maximum payout in your case.
Settlement Criteria for Eligibility
The first step to file a mesothelioma trust fund claim is to make sure the victim matches the criteria for the specific trust fund. Each fund can have different requirements, but there as similar guidelines for most:
- Substantial proof that the asbestos exposure happened from working at a certain job site during a certain period of time
- Proof that the asbestos exposure happened when specific products were used
- Full documentation of the medical diagnosis, such as biopsies and x-rays
A qualified mesothelioma attorney can offer the exact eligibility requirements for every trust fund. If you meet the criteria, your lawyer can assist you in gathering the necessary documents and evidence to make your claim. Some of the documents you will need are proof of your employment, military service documents, and full medical records. The latter should include a doctor’s statement that confirms the diagnosis of an asbestos-related disease.
Filing Your Mesothelioma Trust Fund Claim for Review
After you have collected all required evidence and documentation, the various files can be turned in for review by the administrator for the trust fund. The reviews can be done on the following bases:
- Expedited review: Claims will be processed after certain criteria have been met before other some other individual claims; claims are reviewed faster; claimants can receive compensation more quickly; expedited claims have a certain amount of compensation allowed.
- Extraordinary basis: These are special cases where the claim meets the criteria for an expedited review, but will be treated as an individual review; claimants usually have to meet certain employment criteria; payouts could be higher than with an expedited review.
- Individual review: Claimants do not meet additional criteria for expedited review; administrators review the claim in great detail; payouts could be more or less than compensation available with expedited review.
Settlement Claim Payouts
After the administrators decide if the claim meets requirements for payment, the claim can be liquidated. This means a certain amount will be assigned to the claim and paid out to the claimant. The amount that you get depends upon the fund and the expenses you claimed. It also depends on the payout percentage that the fund allows. Reports from 2006 to 2012 found the entire mesothelioma trust fund system paid out more than $15 billion to asbestos and mesothelioma claimants.
Mesothelioma Trust Fund Settlement Examples
At least 115 asbestos companies have filed Chapter 11 bankruptcy since the early 1980s. Because of this, approximately 60 asbestos trust funds have been made. Asbestos funds are separate entities from the asbestos companies after which they are named. They are managed by a board of trustees to make sure that the funds are making appropriate payments to the victims of mesothelioma. Trustees also are responsible for ensuring the fund has adequate money for future claims, according to bankruptcy code proceedings.
This was the initial company to file for bankruptcy due to asbestos lawsuits. It was required to establish a trust fund more than 30 years ago with a fund of $2.5 billion. It was one of the biggest asbestos makers of its era, payouts have ceased twice because of so many claims against the trust fund. Some trust funds do not exist today, but approximately $37 billion is still in dozens of trust funds today for mesothelioma victims. (mantrust.claimsres.com).
US Gypsum Asbestos Personal Injury Settlement Trust
This is one of the biggest mesothelioma trust funds ever set up. It was created in 2006 after US Gypsum reorganized under Chapter 11 bankruptcy. For more than a century, this company produced many construction materials, such as drywall, joint tape, ceiling panels, insulation boards, molding plaster, cement, paint and many others. Some of them contained asbestos. Factory workers, construction workers and people who worked or lived in the buildings were often exposed. (usgasbestostrust.com).
Pittsburgh Corning Corporation Asbestos Personal Injury Trust
This trust was created out of the 16 year Chapter 11 proceedings of Pittsburgh Corning Corporation. The company made Unibestos, which was a pipe insulation product that contained high levels of amosite asbestos that was used in mills, power plants, ships and many other places. (pccasbestostrust.com).
W.R. Grace And Co Asbestos Personal Injury Trust
W.R. Grace and Co was a massive manufacturer and distributor of many asbestos products. It created all kinds of building materials with asbestos, including adhesives and cement. The company was found in later years to be a major polluter of asbestos at its many plants. This led to the creation of a Superfund Site in Libby MT. Because of all the lawsuits against the company, it filed for Chapter 11 in 2001. (Wrgraceasbestostrust.com).
Get Mesothelioma Legal Help
With over $30 billion available for victims through the Asbestos Trust Funds, you could be entitled to financial compensations without ever filing a lawsuit. Mesothelioma & Lung Cancer victims qualify immediately. Complete the form or call us toll free (800) 352-0871
- W.R. Grace Asbestos Trust. (n.d.). Retrieved from http://www.wrgraceasbestostrust.com/
- Manville Trust. (n.d.). Retrieved from http://mantrust.claimsres.com/
- Pittsburgh Corning Corporation Asbestos Personal Injury Settlement Trust. (n.d.). Retrieved from https://www.pccasbestostrust.com/
- United States Gypsum Asbestos Personal Injury Settlement Trust. (n.d.). http://www.usgasbestostrust.com/about/