Asbestos trust funds have money set aside by companies that made or sold asbestos-containing products and later went bankrupt. These funds provide compensation to current and future victims with mesothelioma, lung cancer, or other asbestos-related diseases as a result of exposure to the company's products.
Current estimates suggest there's over $30 Billion in asbestos trust funds. But how do they work?
Let's look at what they are, why they exist, and who can file a claim to receive a portion of this money.
A Brief History of Asbestos Lawsuits
In 1969, 285 former employees of the Johns-Manville Corporation filed a claim on the basis that the company had known the extreme health risks of asbestos as early as the 1920s.
That's right. More than 40 years after Johns-Manville became aware of the cancer-causing dangers of asbestos, these dangers were finally shared with the public.
Instead of warning their employees, Johns-Manville chose to hide the dangers of asbestos to continue profiting off this deadly material.
As a result, thousands of people who mined, manufactured, handled, or worked with products that contained asbestos developed aggressive forms of cancer like mesothelioma.
Once these dangers were finally brought to light, the number of asbestos lawsuits surged throughout the 1970s. This ultimately led dozens of manufacturers of asbestos-containing products, including Johns-Manville, to file for bankruptcy.
In order to provide compensation for current and future victims of mesothelioma, lung cancer, and other asbestos-related diseases, companies that used asbestos in their products were forced to create special trusts to pay out victims' claims.
What Is an Asbestos Trust Fund?
Asbestos trust funds are a type of mesothelioma compensation set aside for victims of asbestos exposure. These funds allow victims and their families to file a claim for a portion of the money.
Filing an asbestos claim against one of these trust funds typically moves more quickly through the system because it doesn't require victims to give a deposition or a public trial in court.
These special trusts were created after the Johns-Manville Corporation, along with dozens of other manufacturers of asbestos products, filed for bankruptcy in 1982 after victims were awarded millions of dollars for their suffering.
Who Can Access Asbestos Trusts and How?
Asbestos trust funds were intended to provide compensation for those affected by mesothelioma and other asbestos-related diseases.
Victims or immediate family members may be eligible to receive compensation from the manufacturers of dangerous asbestos products.
Even if your loved one has already passed away from mesothelioma, you may still qualify for compensation on their behalf from an asbestos claim after death.
Additionally, depending on the victim’s history of exposure, they may be able to access compensation from multiple asbestos trust funds — as well as through a mesothelioma lawsuit.
Filing a lawsuit can often award money to families without their having to go to court in what's known as a mesothelioma settlement.
However, the time victims and their families have to file a claim is limited by a statute of limitations, so don't delay — call Sokolove Law today at (800) 647-3434. We're available 24/7 and there's no cost to contact us.
This legal deadline varies from state to state and across jurisdictions. In order for someone to be deemed eligible to receive compensation, they must be within their state’s statute of limitations.
Get Help Pursuing Asbestos Trust Fund Settlements
Asbestos trust funds can provide essential compensation for victims of asbestos-related diseases. These funds can help pay for medical costs, lost wages, and other financial burdens families of victims may be faced with.
At Sokolove Law, we advocate for victims of asbestos-related diseases. Our network of mesothelioma lawyers can help victims and their families determine if they are still eligible for trust fund compensation, and, if so, file a claim.
If you would like to look into your eligibility to receive financial compensation from an asbestos trust, we’re here to help. Our experienced team will help guide you through the process of filing a mesothelioma claim.
Get started with a free legal case review from the comfort of your own home.