20 Asbestos Settlement Websites Taking The Internet By Storm

Asbestos Bankruptcy Trusts

Companies who file for bankruptcy usually establish asbestos trusts in bankruptcy. These trusts cover personal injury claims made by asbestos exposure victims. Since the mid-1970son, at least 56 asbestos bankruptcy trusts have been established.

Armstrong World Industries Asbestos Trust

Armstrong World Industries was founded in 1890 in Pittsburgh. It is the largest wine bottle cork maker in the world. It has over three thousand employees and 26 manufacturing plants around the world.

The company employed asbestos in a range of items, including tiles, insulation as well as vinyl flooring and tiles in its early years. As a result, workers were exposed to the substance, which could cause serious health issues such as mesothelioma, lung cancer, and asbestosis.

The asbestos-containing products of the company were widely used in residential, commercial as well as the military construction industries. As a result of the exposure many thousands of Armstrong workers were afflicted with asbestos-related diseases.

Although asbestos is a natural mineral however, it isn't safe to be consumed by humans. It is also often referred to as a fireproofing material. Companies have set up trusts to pay compensation to victims of asbestos case's dangers.

In the wake of the bankruptcy of Armstrong World Industries, a trust was established to pay the people who were affected by Armstrong World Industries' products. In the first two years, this trust settled more than 200,000 claims. The total compensation amounted to more than $2 billion.

Armor TPG Holdings, which is a private equity corporation is the trustee of the trust. The company owned more that 25 percent of the fund at the beginning of 2013.

According to the Asbestos Victims Compensation Trust, the company is estimated to have been liable for more than $1 billion in personal injury claims. The trust has more than $2 billion in reserves for paying claims.

Celotex Asbestos Trust

Celotex Corporation was a distributor and manufacturer of building materials. In the 1980s, Celotex Corporation was hit with a flood of lawsuits claiming Pleural Asbestos [Http://Wiki.Gewex.Org/Index.Php?Title=What_NOT_To_Do_In_The_Asbestos_Treatment_Industry]-related damage. These claims, along with others, demanded billions of dollars in damages.

In 1990, Celotex filed for bankruptcy protection. The plan of reorganization was a result of the creation of 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.

The trust applied for protection under two policies of excess comprehensive general liability insurance. One policy provided coverage of five million dollars, and the second policy provided coverage for 6.6 million. The trust also asked for coverage from Jim Walter Corporation. It did not find any evidence that suggested that the trust was required by law to give notice to excess insurances.

The Celotex Asbestos Trust filed proofs of bodily injury claims on December 31st, 2004. The trust also moved to rescind the special master's decision.

Celotex had less than $7 million of primary coverage at the time of filing, but was of the opinion that asbestos litigation would affect its excess coverage. Celotex actually anticipated the need for multiple layers of additional insurance coverage. However, the bankruptcy court found no evidence to show that Celotex gave adequate notice to its insurance providers who had excess coverage.

The Celotex Asbestos Settlement Trust is complex. It is responsible for paying claims against Philip Carey (formerly Canadian Mine) and provides treatment for pleural asbestos asbestos-related illnesses.

The process can be difficult to understand. The trust offers a user-friendly claim management tool and an interactive website. There is also a page on the trust's website that addresses claims-related deficiencies.

Christy Refractories Asbestos Trust

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

Since the 1980s asbestos trust funds have paid out more than 20 billion dollars. These funds can be used to cover lost income and therapy costs. Some of these funds include the Western MacArthur Trust, the M.H. Detrick Asbestos Trust and Thorpe Insulation Settlement Trust are among these funds. Porter Asbestos Trust.

The Thorpe Company's products included refractory and insulation materials, which included asbestos. In 2002, the company filed for Chapter 11 bankruptcy. However it was revived in the year 2006. It dealt with more than 4,500 claims.

The Western MacArthur Trust has paid out more than $1.1 billion in claims. Pneumo Corporation, Abex Corporation and Synkoloid all employed asbestos diagnosis in their products. The United States Gypsum Company also utilized asbestos treatment in its products.

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

The Prudential Lines Trust was subject to hundreds of lawsuits, mass tort actions and a 20 year period for the disbursement of funds.

The Western MacArthur Asbestos Settlement Trust has paid out more than $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

The trust was first filed in 2007. Federal Mogul's Asbestos Personal Injury Trust was filed in 2007 and is an trust designed to aid those suffering from asbestos exposure. The Federal Mogul asbestos diagnosis PI Trust is a trust in bankruptcy that offers financial compensation for ailments caused by asbestos exposure.

The initial assets of $400 million were used to establish the trust in Pennsylvania. It made payments to claimants in the millions after its creation.

The trust is currently located in Southfield, MI. It is made up of three separate coffers. Each one is dedicated to the management of claims against companies that manufacture asbestos products for Federal-Mogul.

The primary goal of the trust is to provide the financial compensation needed for asbestos-related illnesses among the roughly 2,000 occupations that use asbestos. The trust has paid more than $1 billion in claims.

The US Bankruptcy Court figured that asbestos liabilities' net value was around $9 billion. It also found that it was in the best interests of creditors to maximize the value of assets they have access to.

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

The trust created Trust Distribution Procedures, or TDPs to deal with claims. These TDPs are designed to treat all claimants equally. They are based on the historical values for substantially identical claims in the US tort system.

Asbestos companies are shielded from mesothelioma lawsuits through reorganization

Many asbestos lawsuits are settling every year, thanks in part to the bankruptcy courts. Large companies are now employing new methods to gain access to the judicial system. One such technique is the restructuring. This allows the company to continue to operate and offer relief to those who have not paid their creditors. In addition, it could be possible for the company to be shielded from lawsuits filed by individuals.

For instance, a trust fund may be set up for asbestos victims as part of a reorganization. These funds can be used to pay out either in cash or gifts or a combination of both. The reorganization discussed above consists of an initial funding estimate that is followed by a court-approved reorganization plan. A trustee is appointed once the reorganization has been approved. This could be an individual or a bank third party. The best reorganization will benefit all involved.

In addition to announcing a brand new strategy for bankruptcy courts, the reorganization provides some powerful legal tools. So, it's no surprise that a lot of companies have filed for chapter 11 bankruptcy protection. To be on the safe side asbestos companies have no choice other than to file for chapter 7 bankruptcy. For example, Georgia-Pacific LLC filed for chapter 7 bankruptcy in 2009. The reason is straightforward. To safeguard itself from a rash of mesothelioma claims, Georgia-Pacific filed for a restructuring and combined all its assets into one. It has been selling its most valuable assets in order to take the financial gimmicks under control.

FACT Act

There is currently a bill in Congress that is referred to as the "Furthering Asbestos Claim Transparency Act" (FACT) which will alter the way asbestos trusts function. The legislation will make it harder to make fraudulent claims against asbestos trusts, and will give defendants unlimited access to information in litigation.

The FACT Act requires that asbestos trusts publish a list of plaintiffs on a public docket of court. They must also publish the names and exposure history as well as compensation amounts paid these claimants. These reports, which are publicly available, could prevent fraud from happening.

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

The FACT Act is a giveaway to asbestos-related companies with large scales. It will also result in a delay in the process of compensation. It also creates privacy issues for victims. Additionally the bill is an overly complicated piece of legislation.

In addition to the information that has to be published in the FACT Act, the FACT Act also prohibits the publication of social security numbers, medical records, and other data protected by bankruptcy laws. It's also more difficult to seek justice in courts.

Apart from the obvious question of how compensation for victims may be affected by the FACT Act is a red herring. The Environmental Working Group studied the House Judiciary committee's most significant accomplishments and found that 19 members were rewarded with campaign contributions from corporations.