20 Asbestos Settlement Websites Taking The Internet By Storm

Asbestos Bankruptcy Trusts

Typically, asbestos bankruptcy trusts are established by companies who have filed for bankruptcy. They then pay personal injury claims for those who were exposed to asbestos. At least 56 asbestos bankruptcy trusts have been established since the mid-1970s.

Armstrong World Industries Asbestos Trust

Armstrong World Industries was founded in the year 1860 in Pittsburgh. It is the largest wine cork producer in the world. It has more than three thousand employees and has 26 manufacturing facilities all over the world.

The company used asbestos in a variety products including insulation, tiles, vinyl flooring, and tiles in its beginning years. Workers were exposed to asbestos which can cause serious health issues like mesothelioma and lung cancer.

The asbestos-containing products of Armstrong were extensively used in residential, commercial as well as the military construction industries. Due to the exposure to asbestos, asbestos law thousands of Armstrong workers developed asbestos-related diseases.

Although asbestos is a natural mineral but it is not a safe material to consume by humans. It is also widely used as a material for fireproofing. Because of the dangers associated with asbestos commercial, companies have established trusts to pay victims.

As a result of the bankruptcy of Armstrong World Industries, a trust was created to compensate the people who were affected by the company's products. The trust paid out more than 200,000 claims in the first two years. The total compensation amount was more than $2 billion.

Armor TPG Holdings, which is a private equity firm is the owner of the trust. At the start of 2013 the company controlled more than 25 percent of the fund.

According to the Asbestos Victims Compensation Trust the company was accountable for more that $1 billion in personal injuries claims. The trust holds more than $2 billion in reserves to cover claims.

Celotex Asbestos Trust

Celotex Corporation was a distributor and manufacturer of building materials. In the 1980s, Celotex Corporation was hit by a flurry of lawsuits claiming asbestos-related damage. These claims, in addition to others, demanded billions of dollars in damages.

In 1990, Celotex filed for bankruptcy protection. To process asbestos-related claims, the Asbestos Settlement Trust was created by Celotex's reorganization plan. The Trust filed a claim in the United States District Court for the Middle District of Florida. Saiber L.L.C. represented the Trust.

In the process the trust sought coverage under two extra comprehensive general liability insurance policies. One policy provided coverage of five million dollars, and the other offered coverage for 6.6 million. Jim Walter Corporation was also requested to provide coverage. It could not find any evidence that showed the trust was required by law to give notice of excess insurances.

The Celotex Asbestos Trust filed proofs of bodily injury claims on December 31 2004. The trust also filed a motion to overturn the special master's ruling.

Celotex had less than $7 million of primary coverage when it filedfor bankruptcy, however, it they believed that asbestos litigation in the future would impact its excess coverage. Celotex actually anticipated the need for several layers of excess insurance coverage. However the bankruptcy court concluded that there was no evidence to show that Celotex provided reasonable notice to its excess insurance providers.

The Celotex Asbestos Settlement Trust is an extremely complex process. It is responsible for paying claims against Philip Carey (formerly Canadian Mine) and provides treatment for asbestos law (More Material)-related diseases.

It can be confusing. Luckily, the trust has a user-friendly tool for managing claims as well as an interactive website. The website also features an entire page dedicated to claims deficiencies.

Christy Refractories Asbestos Trust

At first, Christy Refractories' insurance pool totaled $45 million. The company filed for bankruptcy in 2010, however. The reason for the bankruptcy filing was to settle asbestos lawsuits. Then, Christy Refractories' insurance carriers have been settling asbestos-related claims at around $1 million per month.

Over 20 billion dollars released from asbestos trust funds since the late 1980s. These funds can be used to cover lost income as well as therapy costs. These funds include the Western MacArthur Trust, 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 found in their products. In 2002 the company filed for Chapter 11 bankruptcy. However it was revived in 2006. It handled over 4,500 claims.

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

The Utex Industries, Inc. Successor Trust has paid over 2,000 asbestos claims. It also supplied sealing materials to the oil extraction industry.

The Prudential Lines Trust faced hundreds of lawsuits in mass tort actions and a 20-year limit on disbursing the funds.

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

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 first created in 2007. It is a trust designed to assist those who have been exposed to asbestos. The Federal Mogul Asbestos PI Trust is a bankruptcy trust that provides financial compensation to victims of illnesses that were caused by asbestos legal exposure.

The initial assets of $400 million were used to create the trust in Pennsylvania. After the trust's establishment it made payments of millions to those who claimed.

The trust is currently located in Southfield, MI. It is comprised of three separate coffers of money. Each one is devoted to the handling of claims against asbestos product entities belonging to the Federal-Mogul group.

The primary purpose of the trust is to pay financial compensation for asbestos-related diseases among the approximately 2,000 professions that utilize asbestos. The trust has already paid out more than $1 billion in claims.

The US Bankruptcy Court figured that asbestos liabilities' total value was about $9 billion. It also determined that it was in the best interest of the creditors to increase the value of assets they have available.

In 2007, the Asbestos PI Trust (PI Trust) was established. Elihu Inselbuch, a partner in the firm Caplin & Drysdale, served as the Trust attorney.

The trust created Trust Distribution Procedures, or TDPs to manage claims. These TDPs are designed to ensure that all claimants are treated equally. They are based on historical standards for claims that are substantially similar in the US tort system.

Reorganization helps asbestos companies protect themselves from mesothelioma lawsuits

Every year, thousands of asbestos lawsuits are settled by the bankruptcy courts. Large corporations are using new strategies to gain access to the court system. Reorganization is a common strategy. This allows the company's operations to continue, and offers relief to creditors who aren't paid. It may also be possible to shield the company from lawsuits brought by individuals.

As an example, during an organization reorganization, the trust fund for asbestos victims might be set up. The funds could be paid out in the form of gifts, cash or any combination of the two. The above reorganization consists of a first funding quote followed by a court-approved plan. A trustee is appointed once an reorganization is approved. This could be an individual or a bank third party. The most effective reorganization will benefit everyone parties.

Apart from announcing a new strategy for bankruptcy courts, the reorganization exposes some powerful legal tools. It's not surprising that many companies have applied for chapter 11 bankruptcy protection. To be on the safe side asbestos companies have no other choice other than to file chapter 7 bankruptcy. Georgia-Pacific LLC, for example was the first to file chapter 7 bankruptcy in 2009. The reason is simple. Georgia-Pacific has filed for an order of reorganization to safeguard itself from a surge of mesothelioma lawsuit. It also rolled all its assets into one. To tackle its financial problems it has been selling off its most important assets.

FACT Act

There is currently an act in Congress, called the "Furthering Asbestos Claim Transparency Act" (FACT) that will alter the way asbestos trusts work. The legislation will make it more difficult to submit fraudulent claims against asbestos trusts and will give defendants full access to information during litigation.

The FACT Act requires that asbestos trusts post a list of claimants in a public docket of court. They are also required to provide names as well as exposure histories and compensation amounts that are paid to these claimants. These reports, which are publicly accessible, will stop fraud from taking place.

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

The FACT Act is a giveaway for big asbestos companies. It could also delay the process of compensation. Additionally, it creates significant privacy issues for victims. Additionally it is an overly complicated piece of legislation.

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

Aside from the obvious question of how compensation for victims may be affected, the FACT Act is a red herring. The Environmental Working Group studied the House Judiciary Committee's most notable accomplishments and found that 19 members were given campaign contributions from corporate interests.