Thousands of individuals who claim their mesothelioma diagnosis was caused by asbestos products manufactured by Garlock Sealing Technologies may only have a few weeks to provide information about their illness so they can get their settlement.
According to Dow Jones Newswires, as part of Garlocks current bankruptcy proceedings, the company is requesting that the nearly 4,000 people with a pending asbestos lawsuit against it provide information about their mesothelioma claims by February 28,2012. The company claims it needs this information so it can accurately set up a trust that will hold money for the mesothelioma settlements that it will be dealing with in the future.
Under the company’s current bankruptcy plan, which is still subject to court approval, Garlock will be able to settle all current allowed asbestos claims and put $140 million into the asbestos trust to handle future claims. Claimants who do not bring forward information by the deadline could have their cases dismissed.
Setting up monetary trusts for mesothelioma settlements has become the norm for manufacturing companies that used asbestos and have been forced out of business due to the mesothelioma lawsuits brought against them.
If you or a loved one have developed mesothelioma that can be linked to asbestos exposure that was caused by a product or former employer, call Sokolove Law today to learn more about potentially pursuing a mesothelioma lawsuit.