In recent years, asbestos trust funds have become increasingly important in paying compensation for asbestos-related cancer. These trusts pay claims on behalf of companies that have declared bankruptcy to resolve their asbestos liabilities. These trusts are now the only source of compensation obtainable from bankrupt defendants.
Asbestos trusts, established primarily under Section 524(g) of the U.S. Bankruptcy Code, provide compensation to asbestos claimants from companies that filed for bankruptcy due to asbestos liabilities. The Johns-Manville Corporation filed one of the first asbestos-related bankruptcy petitions in 1982, and the Manville Personal Injury Settlement Trust was established in 1987 as the first asbestos bankruptcy trust. Johns-Manville's 1982 bankruptcy and subsequent trust in 1987 set a precedent that many other companies followed. Asbestos bankruptcy trusts exist primarily to reimburse asbestos claimants.
Asbestos trust funds are large bank accounts set up by bankrupt companies to provide compensation for persons who have developed asbestos-related illnesses. Struggling Louisiana companies that are liable for asbestos exposure establish these funds as part of their bankruptcy settlement. The only way to access asbestos compensation from a company in Louisiana that has gone bankrupt is through an asbestos trust fund.
Filing a lawsuit will allow you to hold your employer accountable for occupational asbestos exposure in Louisiana, while also providing real compensation for asbestos-related illnesses like mesothelioma or cancer. Contact us today for a free consultation.
Our attorneys specialize in pursuing justice on behalf of our clients against large institutions, no matter how complex the case. Through settlements and winning verdicts, our attorneys have obtained millions for our clients. Let us help you today.
Applying for this funding requires an attorney who can ensure you have the evidence necessary and that you apply to any applicable funds–in some cases, there may be more than one fund that is relevant.
It is vital to work with an attorney who is familiar with the inner workings of asbestos trust funds. A qualified firm maintains a database of available trust funds and can easily identifiable the trusts a worker is eligible for, based on their Louisiana work history.
Individuals who have been diagnosed with asbestos-related cancer may file claims against any trust. If a claimant meets exposure requirements for a trust's company's products as well as medical criteria, the trust will be obligated to compensate the claimant. When a claim is approved, the trust will collect, process, and pay all valid asbestos cancer claims using the company's assets. Asbestos trust funds are created when a company declares bankruptcy and reorganizes. By creating a trust to cover asbestos compensation, the reorganized company is shielded from all current and future asbestos-related liability in exchange for funding the trusts.
Step 01
Feel free to reach out to us by filling out our form or giving us a call.
Step 02
We will contact you to discuss your case, providing a free, no-obligation consultation.
Step 03
You can choose to proceed with filing the lawsuit and await compensation.
Trusts' TDPs (also known as claims-resolution procedures) include the procedures according to which claim filing and payment are made. TDPs review, liquidate (assign a monetary value for an asbestos claim), and pay claims. TDPs implement procedures to ensure that all claimants are treated fairly, impartially, and equally. Asbestos trust fund claims are filed and processed according to the following steps:
1. Identifying Specific Trusts
2. Claim Review
3. Claim Liquidation
4. Claim Payment
The victims of asbestos-caused cancer need to identify the trust or trusts in which they want to file a claim. Victims are only eligible to obtain compensation from a particular trust if they were exposed to asbestos produced, manufactured, or used by the trust's debtor company.
After identifying the appropriate trusts, the claimants choose the review method for their claim processing. Almost all trusts use one of two review methods: Expedited Review or Individual Review.
When a claim is validated by the processing facility, whether through expedited or individual review, it is liquidated or assigned a monetary value. Claim liquidation is handled differently under expedited and individual review. While average payouts from these trusts can reach $180,000, some trusts are facing funding shortages, impacting future claim availability.
Once claims are liquidated and the claimant accepts the offer, claims are paid following the FIFO payment queue.
Anyone who worked at, or lived with someone who worked at, these facilities could have been exposed to asbestos, which could have taken decades to result in cancer.
We Only Get Paid if We Collect for You
We provide free no-obligation asbestos exposure case review for Louisiana
We work on a contingency basis, meaning there are no fees unless we collect for you
We have experience winning claims against huge multi-national corporations
Fill the form below our team experts will contact you
Chat with Us