20 Asbestos Settlement Websites Taking The Internet By Storm

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Asbestos Bankruptcy Trusts

Companies who file for bankruptcy typically establish asbestos trusts in bankruptcy. These trusts pay personal injury claims of asbestos-exposure victims. In the mid-1970s, at least 56 asbestos bankruptcy trusts were set up.

Armstrong World Industries Asbestos Trust

Originally founded in 1860 in Pittsburgh, PA, Armstrong World Industries is the world's largest wine bottle cork manufacturer. It has more than 3000 employees and has 26 manufacturing facilities worldwide.

In the beginning the company employed asbestos in a variety of items, including insulation, tiles and vinyl flooring. The result was that workers were exposed to asbestos substance, which can lead to serious health issues such as mesothelioma and lung cancer and asbestosis.

The asbestos-containing products of Armstrong were extensively used in the commercial, residential, and [Redirect-302] military construction industries. Many Armstrong workers were exposed to asbestos, which resulted in asbestos law-related illnesses.

Although asbestos is a mineral that occurs naturally however, it is not safe for humans to eat. It is also known as a fireproofing material. Because of the dangers associated with asbestos, businesses have established trusts to compensate victims.

A trust was created to pay the victims of Armstrong World Industries' bankruptcy. The trust settled more than 200,000 claims over the first two years. The total amount of compensation was greater than $2 billion.

The trust is managed by Armor TPG Holdings, a private equity firm. The company held more than 25 percent of the fund at the beginning of 2013.

According to the Asbestos Victims Compensation Trust, the company is estimated to be responsible for more that $1 billion in personal injury claims. The trust has more than $2 billion in reserve to pay claims.

Celotex Asbestos Trust

Celotex Corporation was a distributor and manufacturer of building materials. During the 1980s, Celotex Corporation was hit with a flurry of lawsuits claiming asbestos attorney-related damage. These claims, as well as others claimed billions of dollars of damages.

In 1990, Celotex filed for bankruptcy protection. The plan of reorganization established the Asbestos Settlement Trust to process these asbestos related claims. The Trust filed a claim in the United States District Court for Middle District of Florida. It was represented by attorneys from Saiber L.L.C.

In the course of the investigation the trust sought protection under two comprehensive general liability insurance policies. One policy offered five million dollars of coverage, while the other offered 6.6 million. The trust also requested coverage from Jim Walter Corporation. The trust did not find any evidence to suggest that the trust was required by law to notify the excess insurances.

The Celotex Asbestos Trust filed proofs of bodily injury claims on December 31st in 2004. The trust also made a motion to set aside the special master's determination.

Celotex had less than $7 million in primary coverage at the time of filing but was of the opinion that asbestos litigation would affect its coverage for excess. The company actually anticipated the need for multiple layers of additional insurance coverage. The bankruptcy court was unable to find any evidence to suggest that Celotex gave adequate notice to its excess insurers.

The Celotex Asbestos Settlement Trust is an intricate process. It is responsible for the settlement of claims against Philip Carey (formerly Canadian Mine) and provides treatment for asbestos-related diseases.

The process can be complicated. Fortunately, the trust offers a user-friendly tool for managing claims as well as an interactive website. The site also has an area dedicated to claims deficiencies.

Christy Refractories Asbestos Trust

Christy Refractories originally had an insurance pool of $45 million. The company filed for bankruptcy in 2010 however. The reason for the filing was to resolve asbestos lawsuits. Christy Refractories' insurers have been settlement asbestos claims for about $1 million per month since the time of filing.

Since the 1980s, asbestos trust funds have paid out more than 20 billion dollars. These funds can cover the cost of therapy as well as lost income. The Western MacArthur Trust and the M.H. Detrick Asbestos Trust, the Thorpe Insulation Settlement Trust, and the M.H. Porter Asbestos Trust.

The products of the Thorpe Company included insulation and refractory materials. Asbestos was also present in their products. In 2002 the company filed for nowlinks.net Chapter 11 bankruptcy. However, it was reemerged in 2006. It dealt with more than 4,500 claims.

The Western MacArthur Trust paid out more than $1.1 billion in claims. Pneumo Corporation, Abex Corporation and Synkoloid all used asbestos in their products. The United States Gypsum Company used asbestos causes in its products.

The Utex Industries, Inc. Successor Trust has paid over 22,000 asbestos claims. It supplied sealing products to the oil extraction industry.

The Prudential Lines Trust faced hundreds of lawsuits as well as mass tort cases and a 20-year limitation on the distribution of funds.

The Western MacArthur Asbestos Settlement Trust has paid out over $500 million in claims. It also handles claims against Yarway.

The Thorpe Insulation Settlement Trust covers the Pacific Insulation Company and the Thorpe Insulation Company.

Federal Mogul's Asbestos PI Trust

Federal Mogul's Asbestos Personal Injury Trust was initially created in 2007. It is a trust which assists victims of asbestos exposure. Federal Mogul Asbestos PI Trust is a bankruptcy trust that provides financial compensation for asbestos-related illnesses.

The initial assets of 400 million dollars were used to create the trust in Pennsylvania. It paid millions to claimants when it was established.

The trust is now located in Southfield, MI. It is composed of three separate coffers. Each one is dedicated to the handling of claims against entities that produce asbestos lawyers (go!!)-related products for Federal-Mogul.

The primary goal of the trust is to pay financial compensation for asbestos-related diseases among the roughly 2,000 jobs that require asbestos. The trust has already paid more than $1 billion in claims.

The US Bankruptcy Court figured that the asbestos liabilities' net value was approximately $9 billion. It was also decided that creditors should maximize the value of assets.

The Asbestos PI Trust was created in 2007. Elihu Inselbuch was a partner at the firm Caplin & Drysdale and served as the Trust attorney.

To deal with claims, the trust has established Trust Distribution Procedures (or TDPs). These TDPs are designed to ensure that all claimants are treated equally. They are based on the historical values for substantially identical claims in the US tort system.

Reorganization protects asbestos companies against mesothelioma lawsuits

Every year, thousands of asbestos lawsuits are resolved thanks to the bankruptcy courts. Large companies are now employing new strategies to gain access to the judicial system. Reorganization is one such strategy. This allows the company's activities to continue and gives relief to creditors who aren't paid. Additionally, it could be possible for the company to be protected from lawsuits brought by individuals.

For instance the trust fund could be established to help asbestos victims as part of a reorganization. These funds may pay out in the form of gifts, cash, or some combination thereof. The aforementioned reorganization consists of an initial funding quote that is followed by a reorganization program approved by the court. When a reorganization is approved and a trustee is designated. This could be an individual or a bank, or a third party. A successful reorganization will benefit all involved.

Alongside announcing a fresh strategy for bankruptcy courts, the restructuring provides some powerful legal tools. It's not surprising that many companies have filed for chapter 11 bankruptcy protection. Certain asbestos companies were required to declare bankruptcy under chapter 7 to ensure their safety. For example, Georgia-Pacific LLC filed for chapter 7 bankruptcy in the year 2009. The reason is straightforward. Georgia-Pacific filed for an order of reorganization to protect itself against a rash mesothelioma lawsuit. It also merged all its assets into one. It has been selling its most valuable assets to get control of its financial problems.

FACT Act

Currently, there is an act in Congress, called the "Furthering Asbestos Claim Transparency Act" (FACT) that will change the way asbestos trusts work. The legislation will make it harder to file fraudulent claims against asbestos case trusts, and will grant defendants access to the information they need in court.

The FACT Act requires that asbestos trusts release a list of the claimants on a public docket of court. They are also required to release the names of the claimants, their exposure histories, as well as compensation amounts paid to these claimants. These reports, which are able to be viewed by anyone, would help prevent fraud.

The FACT Act would also require trusts to disclose any other information such as payment details even if they're part of confidential settlements. The Environmental Working Group's report on FACT Act revealed that 19 House Judiciary Committee members voted in favor of the bill. They also received campaign contributions from asbestos-related interests.

The FACT Act is a giveaway to big asbestos companies. It also causes a delay in the process of compensation. It also raises privacy concerns for victims. The bill is also a difficult piece of legislation.

The FACT Act prohibits publication of information in addition to information that must be made public. It also prohibits release of social security numbers, medical records, or any other information protected under bankruptcy laws. The law also makes it difficult to get justice in the courtroom.

The FACT Act is a red falsehood, in addition to the obvious question about the compensation for victims. The Environmental Working Group examined the House Judiciary committee's most notable achievements and found that 19 members were rewarded by donations from corporations.