Asbestos Trust Funds

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What Is an Asbestos Trust Fund?

An asbestos trust fund is a special source of compensation for those who developed asbestos-related diseases like mesothelioma — or those who could get sick later in life — after being exposed to the company’s asbestos-based products.

Asbestos trust funds were created by asbestos companies that filed for bankruptcy. Review our asbestos trust fund list below.

Asbestos trust funds allow victims to pursue compensation for costs associated with:

• Mesothelioma
• Asbestosis
• Lung cancer
• Other asbestos-caused illnesses

Mesothelioma is the most serious asbestos-related disease because of its poor prognosis. Patients with this aggressive cancer often receive the highest compensation possible from mesothelioma trusts.

Our team can help you file trust fund claims quickly and secure compensation in as little as 90 days. Get started right now.

How Much Mesothelioma Trust Fund Money Can I Receive?

The amount of compensation you receive depends on which asbestos-based products you are exposed to and if the companies that manufactured them set up mesothelioma trust funds.

An estimated $30 billion is available in asbestos trust funds today. On average, mesothelioma victims receive $1 million from asbestos trust funds and other forms of legal action.

Mesothelioma patients often file claims with multiple asbestos trusts depending on what products they were exposed to. The more trusts you qualify for, the more compensation you can pursue.

To maximize the amount of compensation you receive, you should reach out to a skilled attorney who can help determine which asbestos trust funds you can access.

Who Is Eligible to File an Asbestos Trust Fund Claim?

Anyone with an asbestos-related disease — such as retired workers or U.S. veterans — may be able to file a trust fund claim. Family members or other relatives may also be able to file trust claims on a patient’s behalf.

However, each trust sets its own limits on how long you have to file an asbestos trust fund claim after a mesothelioma diagnosis. If these limits pass, you may not be able to pursue any money. It’s important to explore your options as soon as possible to avoid missing out on compensation.

Asbestos Trust Fund Payouts

Because mesothelioma is so aggressive, claimants with this cancer tend to recover more compensation than those suffering from other asbestos-related illnesses like asbestosis. Many mesothelioma victims begin seeing compensation from asbestos trust fund payouts in 90 days or less.

The following are just a few examples of notable asbestos trust fund settlements paid out by Owens Corning, National Gypsum Company, and Armstrong World Industries.

The above asbestos trust fund payouts represent compensation amounts before rates called payment percentages were applied. Asbestos trusts may only pay out a percentage of the total claim’s value so they don’t run out of money for future victims.

Remember, you may receive compensation from multiple asbestos trust funds.

List of Asbestos Trust Funds

If you have mesothelioma and worked for one (or more) of the companies listed below, you may be able to file claims with their mesothelioma trust funds.

You still may be able to file a claim if you don’t see the company you worked for. Hundreds of other manufacturers not listed may have established asbestos trust funds.

You must first find out which mesothelioma trust funds you can file a claim with. For help with this process, you should work with an experienced mesothelioma lawyer.

A mesothelioma attorney can determine when, where, and how you were exposed to asbestos. They can also identify the companies that made the products you were exposed to and see if they established trust funds or not.

How Do I Access Asbestos Trust Funds?

Based on your legal team’s findings, you may qualify to file claims with multiple mesothelioma trust funds. Your former employers will not be sued as part of this process.

Your attorney will handle the paperwork that comes with filing mesothelioma trust fund claims so you can focus on getting treatment and spending time with loved ones.

1. Build a Claim

Each asbestos trust fund outlines who can file a claim in their trust distribution procedures (TDPs). You will likely need to provide documents that explain why you deserve compensation from each fund.

Asbestos funds may require that you present:

• Work history and asbestos exposure history
• A diagnosis of mesothelioma or another asbestos-related disease
• Medical records or other statements that link your illness to asbestos exposure

A mesothelioma lawyer can help you gather all this information.

2. File a Mesothelioma Trust Fund Claim

After building your claim, your attorney can file it with the asbestos trust fund(s) you qualify for. You won’t have to file the claim yourself.

Once the mesothelioma trust fund claim has been filed, your legal team will update you as the case progresses. They’ll notify you as the claim is being reviewed and when payment is ready.

3. Get Your Claim Reviewed & Receive Payment

When a claim is filed, you and your legal team can choose to have your claim reviewed in one of two ways by the trust.

Expedited Review

Through an expedited review, the trust will process your claim based on criteria they have established, such as what type of asbestos-related disease you have. If it meets the criteria, the claim will be accepted as valid, and you’ll get paid a fixed amount of money as outlined by the asbestos trust.

Individual Review

The trust will take a more detailed view of your claim and the evidence presented in an individual review. As a result, the individual review process typically takes longer. Individual reviews assign a unique value to the claim and may award you more or less compensation based on what the trust finds.

Liquidation

Once your claim has been reviewed, the asbestos trust fund will begin a process known as liquidation. Liquidation will confirm how much your claim is worth. You can then accept the compensation offered by the asbestos trust funds.

Asbestos Trust Fund Claims vs. Mesothelioma Lawsuits

Asbestos trust fund claims are not the same as mesothelioma lawsuits. Lawsuits are typically filed against manufacturers of asbestos-based products that did not file for bankruptcy and thus do not have trust funds.

Many mesothelioma lawsuits have awarded millions of dollars in financial compensation.

You may be able to file a mesothelioma lawsuit alongside a trust fund claim, depending on the companies that made the asbestos products you were exposed to. An asbestos attorney can help determine your legal options.

Unlike mesothelioma lawsuits, asbestos trust funds are not subject to state statute of limitations. Each asbestos trust sets its own deadline to file a claim after a mesothelioma diagnosis.

Filing Other Claims and Lawsuits

Victims who intend to seek compensation from asbestos bankruptcy trusts and from lawsuits against active companies must be aware of how the two processes can affect each other.

Compensation Disclosure Laws

Some states have laws about information sharing, which require the individuals suing (plaintiffs) to disclose if they have already received compensation from another trust for their asbestos-related injuries or illness.

This can allow the companies being sued (defendants) to shift blame for the injury to the now-bankrupt company that established the trust, even if they may also be partially responsible.

Setoffs

Some states also allow setoffs, which can affect the total amount of compensation a defendant is required to pay if they lose at trial. Setoffs reduce this payout based on the amount of compensation the plaintiff already received.

For example, in a state with setoffs, a victim who is awarded $500,000 in a trial but has already received $100,000 from a trust may find that the defendant is required to pay them only $400,000.

Mesothelioma attorneys can help you navigate any limits that may affect your ability to get financial compensation from a trust fund.

How Were Mesothelioma Trust Funds Created?

When asbestos litigation first gained momentum in the late 1970s, many manufacturers of asbestos-containing products were unprepared to face the consequences.

In turn, they started to file for bankruptcy to look for protection from mesothelioma lawsuits. Filing for Chapter 11 bankruptcy allowed these companies to get a clean slate — and stopped all lawsuits against them because bankrupt companies can’t be sued.

To prevent these companies from dodging responsibility, the courts ordered them to create asbestos and mesothelioma trust funds.

Regulated by the U.S. Bankruptcy Code, asbestos funds allow victims of asbestos-related diseases to pursue financial assistance without suing the companies at fault.

Asbestos Trust Fund Creation Process

If a manufacturer of asbestos-based products wants to file for bankruptcy, they must create an asbestos trust based in line with the U.S. courts system’s rules.

1. Bankruptcy Court: The company petitions the bankruptcy court for bankruptcy and reorganization. If granted, all lawsuits against the company are stopped immediately.
2. Estimates for Asbestos: Once the company declares bankruptcy, it must negotiate with those it owes money. This includes the plaintiffs suing them for asbestos-related illnesses and their legal teams. Together, they develop a reorganization plan for funding and managing the mesothelioma trust fund. Money for the trust comes from selling the company’s assets.
3. Reorganization Approval: The reorganization plan is submitted to the courts. If approved, the asbestos trust fund is established and can begin settling claims.

“The trust system was created as the by-product of asbestos bankruptcies. Major asbestos defendants faced crushing and often-unpredictable liabilities for the harms caused by asbestos. Bankruptcy was one option for coping with these liabilities.”

– RAND Institute for Civil Justice

Asbestos Trust Fund Payment Percentages

Mesothelioma takes 10-50 years to develop, so asbestos trust funds need to have enough money set aside to pay people who are currently sick and those who get diagnosed in the future.

Payment percentages were created to ensure the trusts have funds to pay future claimants. Payment percentages can range from 1-100% of the claim’s full value and can change over time as the financial status of the trust fluctuates.

For example, in a trust where the full claim amount is $100,000:

• 1% payment percentage = $1,000
• 50% payment percentage = $50,000
• 90% payment percentage = $90,000

Payment percentages are subject to change, so it's best to file an asbestos trust claim as soon as possible. If you wait, the payment percentage could go down, and you could get less money.

Don't wait: File an asbestos trust fund claim with our help right now.

Asbestos Trust Fund Legislation

Although asbestos bankruptcy trust funds have been around since the 1980s, new laws governing who can access the funds (and how) continue to be a topic of disagreement among lawmakers.

Fairness in Class-Action Litigation (FACT) Act

The FACT Act does two main things to asbestos litigation to try and protect the trusts from those looking to take advantage of the system.

First, it requires all members of a class-action lawsuit to have the same extent of injuries. This means that some members of the suit cannot have a less serious condition like pleural plaques while others are diagnosed with mesothelioma.

It also requires victims to provide more specific information when seeking compensation from a trust. Trusts must then report relevant information they receive in their public bankruptcy dockets, which are released four times a year.

The DOJ and Asbestos Trust Funds

The U.S. Department of Justice (DOJ) has also taken aim at asbestos trust funds in recent years.

The DOJ has criticized the trusts’ lack of fraud safeguards and their habit of working with attorneys during reorganization and formation who will later benefit from filing claims against them, citing a conflict of interest.

Get Help Filing an Asbestos Trust Fund Claim

Filing an asbestos trust fund claim can help you and your loved ones obtain much-needed compensation. However, the process can be difficult without legal help.

An experienced mesothelioma law firm won't just file your claim paperwork. They'll also navigate relevant laws and deadlines that could affect your claim and negotiate the highest asbestos trust fund payout possible on your behalf.

Get help filing an asbestos trust fund claim now.