Individuals injured by Synkoloid asbestos-containing products may be eligible for trust fund settlements between $6,000 and $700,000, depending on the type and severity of the disease.Find Out If You Qualify
The Artra Group Asbestos Trust was created as a result of Artra acquiring the Synkoloid Company, a New Jersey-based paint, varnish, adhesive and asphalt manufacturer. Synkoloid used high levels of asbestos in its product line between 1949 and 1976.
The Artra Group filed for bankruptcy protection in 2002 as a result of overwhelming asbestos claims. The courts approved the trust in 2007, with about $74 million to pay claimants.
Artra’s history with asbestos began in 1975 when the company purchased Synkoloid, which manufactured dozens of asbestos-containing products. Artra, which had underestimated the huge asbestos liability it would face, became financially responsible for injuries caused by Synkoloid’s asbestos products.
In 1981, the Muralo Company purchased Synkoloid but refused to take responsibility for past asbestos claims. By late 2000, Artra was facing more than 46,000 Synkoloid asbestos lawsuits. Muralo contributed $2.5 million to the Artra trust to cover some of the liabilities. The remaining funding for the trust came from insurance companies.
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The earliest Synkoloid products, including joint compounds and spackles, were sold in powder form to be reconstituted with water. Asbestos exposure happened to unwitting Synkoloid product users from the dry powder form. The following Synkoloid goods have been identified by the trust to contain asbestos:
Even though Synkoloid products containing asbestos have not been produced for years, many remain in homes and businesses today. Products that were used years ago for repairs become dry and brittle. The asbestos-containing product becomes friable (easily crumbled), which increases the risk of exposure.
To qualify for an Artra trust payment, claimants must prove they came into contact with one of the above products before Jan. 1, 1983. Claimants must document their occupation and industry where the Artra exposure occurred.
The Artra trust established six asbestos-related diseases with medical and exposure requirements for compensation. All Artra trust claims are processed on a first-in, first-out (FIFO) basis.
Individuals seeking Artra trust compensation are eligible for one of two types of reviews:
Individuals who filed for an expedited review must submit specific information including medical records, doctor’s reports and proof of exposure. Claimants learn the results of their financial request within 90 days of submission. Artra established the following settlement amounts:
|Other Asbestos Diseases||$1,000|
Individual reviews are used when an expedited claim is denied or the claimant is seeking a larger settlement. In an individual review, trustees examine detailed information about the claimant including:
The trust has 120 days to reject or approve the individual-review claim. If the claim is approved, trustees determine the settlement amount based on the severity of the disease.
Like other asbestos trusts, Artra set a payment percentage so all claims can be paid fairly and equitably. When the Artra trust launched, the payment percentage was set at 7.5%. When the payment percentage is applied to a $275,000 mesothelioma claim, the payment would be $20,625.
Anyone who suspects they have been exposed to Synkoloid’s asbestos-containing products and diagnosed with an associated disease should file a claim to the Artra trust. The funds in the trust have been set aside to help victims financially. Trust fund settlements can be used to pay household bills, medical bills or any other expenses.
Since filing an Artra claim can be confusing, many claimants choose to use an attorney with experience handling asbestos trusts. These attorneys guide families through the complicated process to get the financial compensation they are deserved. Attorneys help claimants understand their legal and financial rights regarding trust payments.
Contact us today for a free consultation with an attorney who understands the intricacies of an asbestos claim.
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