History of the Asbestos Bankruptcy Fund

An asbestos bankruptcy fund is a trust account that has been set aside by an asbestos company driven into bankruptcy by the damage claims filed against it. Since asbestos was fully recognized as a dangerous health hazard in the mid 1970s and most asbestos products banned, there have been hundreds of thousands of lawsuits and claims filed against asbestos mining companies and corporations that both manufactured and used asbestos products.

Asbestos fibers, when inhaled, can cause asbestosis – a scarring of lung tissue – and mesothelioma cancer, an incurable malignancy that usually results in death twelve to eighteen months after diagnosis. Since the courts have held asbestos companies liable for health damages due to their products, workers from the construction trades, military veterans and workers from dozens of industries filed suits against manufacturers of asbestos and companies who used the material in their products or their production facilities.

What is an Asbestos Bankruptcy Fund?

For many of these corporations, an asbestos bankruptcy fund has been part of the court settlement that allowed them to come out of bankruptcy. The companies wanted a limit to their liability while thousands of plaintiffs wanted compensation. The answer has been the asbestos bankruptcy fund, used to pay off legitimate damage claims that were filed due to health damage from asbestos exposure. The asbestos bankruptcy funds have made it possible for victims of asbestosis, mesothelioma and other asbestos related diseases to file claims with a fund administrator rather than take legal action against asbestos companies.

The court and the company agreed on the size of the fund and in turn the asbestos company was released from any further liability responsibility due to asbestos lawsuits. Some of these asbestos bankruptcy funds run into the billions of dollars. Over the last five years, several of these bankruptcy agreements have been finalized and today there are more asbestos bankruptcy funds than ever before – a fortunate turn of events, because it can take decades after asbestos exposure has occurred for the symptoms of mesothelioma to appear.

Filing a Claim with an Asbestos Bankruptcy Fund

As the asbestos liability picture has developed, hundreds of thousands of claims have been filed against dozens of companies. Today, most people with asbestos related health problems look for an experienced attorney to seek compensation for them. The procedural rules for every asbestos bankruptcy fund are different; moreover, it often makes legal sense to file claims against more than one fund. It is up to the claimant to produce all of the relevant evidence – the medical records, the employment history and medical opinions about possible future health problems.

Experienced Legal Help

We have posted a partial list of the companies who have sought bankruptcy protection because of asbestos liability. Many of them have established asbestos bankruptcy funds within the last few years, on their own behalf or that of a subsidiary. Perhaps you or a family member was employed by one of these firms under their current name or when the company had another name prior to sale to its current ownership.

If you have an asbestos related health problem and want an attorney that has experience with the asbestos bankruptcy funds, fill out the brief form at the top of the page. While your former employer may not have an asbestos bankruptcy trust, there may be affiliated companies, such as former suppliers, that do. Tell us about your experiences with asbestos exposure and we’ll take it from there.

Company Year of Bankruptcy Filing
ABB Lummus Global 2006
A-Best Products 2002
ACandS, Inc. 2002
Amatex Corp. 1982
American Shipbuilding Co. 1993
Ancor Holdings/National Gypsum 1990
API Inc. 2005
Armstrong World Industries 2000
Artra Group, Inc. 2002
Asarco, Inc. 2005
Babcock & Wilcox Co. 2000
Brauer Supply Co. 2005
Brunswick Fabricators 1998
Burns & Roe 2001
Carey Canada, Inc. 1990
Cassiar Mines 1992
Celotex Corp. 1990
C.E. Thurston 2003
Christy Refractories Co. 2008
Combustion Engineering 2003
Congoleum Corp. 2003
Dana Corporation 2006
Delaware Insulations Distributors 1989
Dresser Industries/Halliburton 2003
Eagle Pitcher Industries 1991
EJ Bartells Co. 2001
Federal Mogul Corp. 2001
Flintkote Co. 2004
Forty-Eight Insulations 1985
Fuller-Austin Insulation Co. 1998
Gatke Corp. 1987
G-I Holdings 2001
GlT 2002
Harbison-Walker/AP Green 2002
Harnischfeger Corp. 1999
Hercules Chemical Co. 2008
Hillsborough Holdings 1989
H.K. Porter Co. 1991
Insul Co. 2001
Johns-Manville Corp. 1982
JP Stevens 2004
JT Thorpe 2002
Kaiser Aluminum Corp. 2002
Keene Corp. 1993
Kentile Floors Inc. 1992
Lake Asbestos of Quebec 2005
Lloyd E. Mitchell Co. 2006
McLean Industries 1986
M.H. Detrick 1998
Mid-Valley /Halliburton 2003
The Muralo Co. 2003
Murphy Marine Services 2001
North American Refractories Co. (NARCO) 2002
Nicolet, Inc. 1987
Ogelbay Norton (ONCO) 2004
Owens Corning/Fibreboard 2000
Pacific Insulation Co. 2007
Philadelphia Asbestos Corp. 1986
Pittsburgh Corning 2000
Plibrico Co. 2002
Porter-Hayden Co. 2002
Prudential Lines, Inc. 1986
Quigley Co. 2004
Raymark Corp./Raytech Corp. 1989
Rock Wool Manufacturing 1996
Rutland Fire Clay Co. 1999
Shook & Fletcher Insulation Co. 2002
Skinner Engine Co. 2001
Special Electric Co. 2004
Special Metals Corp. 2002
Standard Insulations, Inc. 1986
Swan Transportation Co. 2001
T H Agriculture & Nutrition 2008
Thorpe Insulation Co. 2007
Todd Shipyards 1987
Unarco Industries, Inc. 1982
United States Lines 1986
United States Mineral Products 2001
UNR Industries, Inc. 1982
USG Corp. 2001
Utex Industries 2004
Wallace & Gale 1984
Waterman Steamship Corp. 1983
Western Macarthur 2002
W.R. Grace Co. 2001

Contact an Asbestos Attorney Now for Bankruptcy Details

Please fill out the form below to contact an attorney. Provide as much information as possible to speed the processing of your inquiry (Only United States residents are eligible).

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