Mesothelioma Compensation and Asbestos Trust Funds

Mesothelioma Compensation and Asbestos Trust Funds
Mesothelioma Compensation and Asbestos Trust Funds
As of 2014, the US asbestos bankruptcy trusts have paid out roughly $21 billion to date. The asbestos bankruptcy industry – as we call it – is a way for companies to stay financially  protected from victims who may be seeking mesothelioma compensation.

These trust funds, and there are 50 of them, are typically created to cover the financial obligations of asbestos-related litigation throughout the course of a company’s existence – particularly when the danger of asbestos exposure is an element of company operations. It is estimated that altogether the bankruptcy trust funds have $32 billion in remaining assets.

Trust funds keep money available to you even if a company is struggling financially. The amount paid for a single case is based on the number of present cases, how many cases are expected in the future, divided into the amount of money or assets of each trust. Using this methodology, and their total value, your average shipyard worker or construction worker with mesothelioma could expect compensation totaling about $260,000 or more.

Bankruptcy protection does not prevent you from seeking compensation for asbestos diseases and illnesses. These trust funds will help you collect what you’re entitled to even if the responsible company went through bankruptcy proceedings.

Our Founding, Senior and Managing Principal Steven Kazan was asked to make a presentation on changes in the U.S. asbestos bankruptcy trust fund system at the 2014 International Mesothelioma Interest Group (iMig) conference. This video of his presentation provides a basic introduction to asbestos bankruptcy trust funds, and who is eligible to file a claim.

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