What Are Asbestos Trust Funds?
Companies that may have caused occupational exposure to asbestos have faced lawsuits for this exposure. Because of this, many asbestos companies and manufacturers file for Chapter 11 bankruptcy. Asbestos trust funds are created by those companies when they file for bankruptcy, ensuring injured people and their families affected by and exposed to asbestos can receive compensation.
While asbestos trust funds are typically used for mesothelioma patients, they can also be accessed by people with other asbestos-related medical problems.
How Long To Get Paid From Asbestos Trust Funds?
Filing a claim and receiving payments can be a relatively fast process with the help of an experienced mesothelioma lawyer and can be completed in 90 days or less in some cases. Contact us now to learn more about financial assistance for medical costs.
Financial assistance is a great way to help pay for medical care and treatment costs. Family members and caregivers can help patients to qualify for financial assistance by speaking directly with one of our experienced patient advocates. Seeking compensation through asbestos trust funds is the fastest and easiest way to get paid.
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Who Can Receive Money From Asbestos Trust Funds?
Any person diagnosed with mesothelioma may be entitled to significant financial compensation. Workers become exposed to asbestos-containing products made by negligent corporations that chose profits over employee safety. The workers often bring home dangerous asbestos fibers on their clothes, causing others in the home to face secondary asbestos exposure.
Family members of mesothelioma victims may also qualify for mesothelioma compensation. It is important to file your asbestos trust fund claim in a timely matter to ensure that the statute of limitations hasn’t expired. The statute of limitations varies from state to state but typically falls within 2-4 years of a diagnosis or passing of the patient. Our experienced staff can help you determine if you are eligible for mesothelioma funds.
How Do I File An Asbestos Trust Fund Claim?
When you decide to file a claim, there are a few things you should keep in mind. The most important thing to prioritize is finding a good lawyer experienced in mesothelioma claims. This is important because they will not only know how to apply for a trust fund claim, but also the best practices and how to maximize your payout.
Our highly skilled team can guide you and your family through the compensation process. Our asbestos bankruptcy trust experts will help you identify which trust funds you can file a claim against. If you qualify, we can help you apply for compensation from 60+ asbestos trust funds.
Trust Fund Payment Percentages
Each asbestos trust fund has what is called a payment percentage. This percentage dictates how much the trust fund will pay based on the scheduled value or how much each trust will pay out for each specific asbestos-related disease.
Example 1: North American Refractories Company (NARCO) currently has a payment percentage of 100% and a scheduled value of $75,000 for mesothelioma. In this example, a patient or family member could receive $75,000 from a NARCO asbestos trust fund claim.
Example 2: Babcock & Wilcox currently has a payment percentage of 8.8% and a scheduled value of $139,800 for mesothelioma. Therefore, a mesothelioma patient could receive $12,302.40 from a mesothelioma claim.
Trust fund percentages are put in place to ensure trust funds have enough money to continue to paying claims to those who need them. When percentages increase, claim recipients will receive additional money for their previous claims. If the percentage decrease, however, previous claim recipients keep the money they had received. Percentages will vary based on the amount of money in the trust and the number of people filing claims.
Average Payouts from Asbestos Trust Funds
Each asbestos trust fund payout can be different depending on the specific claim. The most common claims are mesothelioma, asbestosis, and lung cancer. The following information represents the average payout for mesothelioma from well-known asbestos bankruptcy trusts:
|Owens Corning (Fiberboard)
|United States Gypsum (USG)
|Armstrong World Industries (AWI)
|DII Harbison Walker
|Babcock and Wilcox
|North American Refractories Company (NARCO)
|W. R. Grace
The payout varies for each asbestos-related disease as well as other factors such as type of exposure, impact on health and family, and what job lead to the exposure.
Asbestos Trust Fund FAQs
What is the difference between an asbestos trust fund claim vs. a lawsuit?
A lawsuit is generally filed by a patient or the affected family members of a patient against a company that exposed them to asbestos. These suits can go to court or lead to a settlement. If the company has filed for chapter 11 bankruptcy, it will set up an asbestos trust to payout claims instead of lawsuits.
Can one patient or family member file claims with multiple trust funds?
Yes, one person can file claims with multiple asbestos trust funds.
What is the average asbestos trust fund payout?
While the average payout can vary greatly between claims, it is not uncommon for a claimant to receive six figures for an asbestos-related disease such as mesothelioma.
What is the FACT Act?
The FACT Act (Furthering Asbestos Claim Transparency Act) is a proposed regulation that could impact the asbestos trust fund payout transparency. Since it is unclear when (or if) the act will be passed, anyone considering seeking compensation should speak to an experienced attorney immediately.
What factors help to determine asbestos trust fund payout amounts?
There are several factors that can influence the payout you might receive from an asbestos trust fund. Some of the common factors include:
- Specific type of asbestos disease diagnosis
- Current payment percentage
- Initial payment schedule
- Type and material of exposure
- Years of exposure
- Type of work
- Severity of the asbestos-related diagnosis
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- DII Industries PI Asbestos Trust. “Exposure Criteria.” Retrieved from https://www.diiasbestostrust.org/exposure-criteria/
- U.S. Department of Labor. “Asbestos” Retrieved from https://www.osha.gov/Publications/OSHA3507.html
- Owens Corning/Fibreboard Asbestos Trust. “Owens Corning/Fibreboard Asbestos Personal Injury Trust (Revised August 8, 2017).” Retrieved from http://www.ocfbasbestostrust.com/wp-content/uploads/2018/11/RevisedPOCInstructions_9_14_18_D0114314_.pdf
- U.S. Bankruptcy Court Southern District of New York. “Memorandum Decision Following Remand From The District Court On Marsh Usa’s Motion To Enforce The Confirmation Order And Injunction.” Retrieved from http://www.nysb.uscourts.gov/sites/default/files/opinions/2726_4313_opinion.pdf
- USG Asbestos Personal Injury Trust. “Current Payment Percentage.” Retrieved from https://www.usgasbestostrust.com
- WRG Asbestos PI Trust. “Current Payment Percentage.” Retrieved from https://www.wrgraceasbestostrust.com
- Combustion Engineering 524(g) Asbestos PI Trust. “Notice To Holders Of Combustion Engineering TDP Claims.” Retrieved from http://www.cetrust.org/wp-content/uploads/2019/07/CE-Notice-to-Holders-of-CE-TDP-Claims-Re-Proposed-Payment-Percentage-07-25-2019.pdf
- Claims Processing Facility. “EPI Trust FAQs.” Retrieved from https://www.cpf-inc.com/trusts/epi-trust/epi-trust-faqs/#what-is-the-epi-trusts-current-payment-percentage-