Mesothelioma Trust Fund
In the United States, there are approximately 2,500 new cases of mesothelioma diagnosed every year. This rare form of cancer can be found in the lining of one's heart, lungs or abdomen, and results in tumors forming in these areas. As a result of these tumors, the protective lining around these organs becomes deformed and imperils an individual's life.
The fact is that mesothelioma did not spring up overnight. Its rise can be directly attributed to the 1940s, when millions of workers all across America were exposed to asbestos in the building and manufacturing industries. These include workers in oil refineries, power plants, aluminum plants, shipyards and construction sites. By ingesting or inhaling asbestos on a regular basis, many of these workers would later develop cases of pleural, peritoneal and pericardial mesothelioma.
Because mesothelioma is not generally diagnosed until decades after one has accumulated their asbestos exposure, it is difficult for a physician to diagnose a case of mesothelioma in time to save an individual's life. And since many companies continued to use asbestos even after it was proven to be a health risk, these businesses are now being forced to pay asbestos settlements to mesothelioma-afflicted workers. To help streamline this settlement payout process, mesothelioma trust funds have been created.
The Birth of Mesothleioma Trust Funds
Mesothelioma is a disease that causes an individual physical and emotional suffering, and generates substantial medical bills. For this reason, it is only natural that mesothelioma-afflicted workers began to sue their employers for financial compensation for their disease, and that is just what they did. In fact, so many asbestos patients have gone on to sue their employers over the years that many companies have been bankrupted.
As a result of these many lawsuits, mesothelioma trust funds have been established in the United States. The purpose of these trust funds is to ensure that mesothelioma patients are fully compensated for their disease, while keeping their employers from going bankrupt. To provide for the trust fund, a company that used asbestos in building or manufacturing products will be required to set aside a certain amount of money for mesothelioma compensation. This amount varies from company to company, and is determined by their capacity for payment and estimated liability.
The Manville Trust
The Johns-Manville Corporation established the first mesothelioma trust fund in the year 1988. At the time, the roofing material and insulation manufacturer was being bombarded by thousands of mesothelioma-related lawsuits. It soon became obvious that action would have to be taken to prevent bankruptcy. By placing the majority of the Johns-Manville Corporation's equity into a trust fund, the company was able to compensate its workers in a timely manner and remain in operation. The Manville Trust is still running today, ensuring that those workers afflicted with mesothelioma receive financial assistance in their time of need.
Mesothelioma Trust Funds Available
Beyond the Johns-Manville Corporation, there are a number of businesses that have established asbestos trusts to avoid bankruptcy. An alphabetically-ordered list of these businesses includes ABB Lummus Global, ACandS Inc., Amatex Corporation, APi Inc., Armstrong World Industries, Artra Group Inc., Asarco Inc., Babcock & Wilcox Co., Bondex & RPM International Inc., C.E. Thurston & Sons Inc., Combustion Engineering, Federal-Mogul, Fuller-Austin Insulation Co., General Motors Corporation, H.K. Porter Company Inc., J.T. Thorpe, Kaiser Aluminum Corp., Keene Corporation, Owens Corning Fibreboard, Plibrico Co., Porter-Hayden Co., Rock Wool Manufacturing Company, Rutland Fire Clay Company, Shook & Fletcher Insulation Co., Unarco Industries, USG Corporation, W.R. Grace Co., and Western MacArthur.
Furthermore, there are some businesses that are currently in the process of establishing an asbestos trust. These include Circor International Inc., Garlock Sealing Technologies LLC, Leslie Controls Inc., and Quigley & Pfizer.
The amount of money set aside by these companies for mesothelioma trust funds varies, and can run from a few million dollars to billions of dollars. In evaluating a trust fund claim, a number of factors will be examined. These include medical expenses, lost wages, the extent of one's suffering, and the impact of the disease on the victim's family.
Learn More About Asbestos Trust Funds
To ensure that consumers are fully educated about mesothelioma trust funds, The Mesothelioma Center has created a toll-free Patient Advocates line. If you have been unjustly exposed to asbestos and have developed mesothelioma as a result, you may be eligible to receive financial compensation. Call 1-800-681-8093 today to learn more about the available mesothelioma trust funds and whether you are eligible to receive a settlement.