The Hercules Chemical Company Inc. filed for bankruptcy protection in 2008 after it had already faced more than 15,000 asbestos-related lawsuits, with another 7,000 pending. The company’s bankruptcy trust was established in 2010 and funded with $5.9 million.Find Out If You Qualify for Compensation
For more than 100 years, Hercules Chemical Company manufactured innovative products used by professional plumbers and heating and air conditioner technicians in homes and businesses across the United States. Some of the company’s most well-known products contained asbestos.
When the company filed for bankruptcy protection in 2008, it had already faced more than 15,000 asbestos-related lawsuits, with another 7,000 pending. The trust was created in 2010. Today, claimants receive 4.7% of their trust payment settlements.
Hercules Chemical Company started in 1915 as a drainpipe solvent manufacturer. The company expanded its product line to include chemicals and solvents used in plumbing, including Sta-Put plumber’s putty. In 1999, Hercules acquired Cloroben Chemical Company, further expanding the line of plumbing products.
Other well-known Hercules products include Glub, Cobbler, Johni bolts and rings, Haymaker and Megaloc thread sealant.
When the company filed for bankruptcy protection, executives said the core business was profitable. Just before Hercules filed bankruptcy, in 2007, the company posted sales of $36.7 million. The company said the burden from asbestos liability stemmed from the manufacturing and sales of pre-mixed furnace cement from 1939 to 1983. Company executives said the product in question contained a small amount of fully encapsulated asbestos.
See if you qualify for compensation from the Hercules Chemical Company Asbestos Trust.Get Help Now
The Hercules trust has designated five disease levels as eligible for compensation for expedited and individual reviews. Each disease level has specific evidentiary requirements, including the following:
Each disease level has specific values and exposure and medical criteria for compensation.
The Hercules trust pays 4.7% of a claim settlement to ensure there will be enough money to pay all future claimants. With a 4.7% payout, claimants who are approved for a mesothelioma settlement ($70,000) will receive $3,290.
The trust has the sole discretion to determine if the claimant has serious financial need to qualify for exigent hardship. Claims submitted as an exigent hardship must meet the medical and exposure criteria for Disease Levels II through V. An exigent hardship claim allows claimants to receive expedited funds.
Claimants who allege an asbestos disease as a result of exposure to someone who was exposed to Hercules Corporation asbestos may file a secondary exposure claim. The claimant must meet the same medical and exposure criteria as other claimants. The financial statement revealed the Hercules Chemical Company trust has paid the following:
All claimants to the Hercules trust must pay a $15 filing fee. Many claimants also choose to use the services of an attorney skilled in asbestos litigation and trust fund claims. Asbestos attorneys help clients get the largest settlement possible because they understand all of the details involved in filing a trust claim.
Fill out our quick form and see if you qualify for trust fund compensationCheck Now