Asbestos trust funds have money set aside by companies that made or sold products containing asbestos and later went bankrupt. This compensation is available to current and future mesothelioma victims as a result of exposure to the company's products.
More than 100 companies have put money into asbestos trust funds as of 2024, with an estimated $30 Billion still available.
Each trust is managed by a committee that reviews and approves claims to ensure funds are distributed fairly. Filing claims can hold negligent asbestos-related companies accountable and help you pay for medical bills and other expenses.
As a national mesothelioma law firm, Sokolove Law can help determine how you were exposed to asbestos, which asbestos trust funds you may qualify for, and pursue compensation on your behalf.
Find out more about what mesothelioma trusts are, why they exist, and who can file a claim to receive a portion of this money.
Get Help Accessing Asbestos Trusts
What Is a Mesothelioma Trust Fund?
Mesothelioma trust funds are a source of compensation for mesothelioma patients or their loved ones.
If the company that exposed you to asbestos has filed for bankruptcy, you may be eligible for a portion of this money since you can’t sue companies that declared bankruptcy.
There are currently around 60 active asbestos trusts established by companies like:
- Armstrong World Industries
- Babcock & Wilcox Co.
- Bondex International
- General Motors
- Kaiser Aluminum
- Johns Manville
- National Gypsum
- Owens Corning Corp.
- W.R. Grace
Each trust is overseen by an advisory committee of medical, financial, and legal professionals. Together, they assess mesothelioma claims and distribute payouts to victims and their families.
“Asbestos bankruptcy trusts exist for the sole purpose of compensating asbestos claimants who are either currently ill or may develop diseases in the future.”
– The RAND Corporation
Because these claims don’t go to trial, you may be able to receive an asbestos payout more quickly than suing the company.
If you were exposed to asbestos by multiple companies, your lawyer can file claims with each of the trusts you qualify for and pursue lawsuits against any companies that haven’t declared bankruptcy.
The History of Asbestos Trust Funds
Throughout the 20th century, thousands of people who mined asbestos or worked with products that contained this mineral developed illnesses like mesothelioma, asbestosis, and lung cancer.
In 1969, 285 former Johns Manville employees filed a claim stating that the company had known about the dangers of asbestos as early as the 1920s but failed to warn workers.
More than 40 years after Johns-Manville became aware of the cancer-causing dangers of asbestos, these dangers were finally shared with the public.
Within the next few years, thousands of mesothelioma lawsuits were filed against Johns Manville, causing them to file for Chapter 11 bankruptcy.
“In the wake of an ‘avalanche’ of litigation, the major asbestos manufacturers quickly discovered that their liabilities were escalating, unpredictable, and, therefore, unmanageable.”
– The RAND Corporation
Dozens of asbestos-related companies refuge in bankruptcy protection, which shielded themselves from potential lawsuits and legal claims.
As part of the bankruptcy proceedings, a court ordered Johns Manville to create a settlement trust that would provide compensation to anyone injured by the company’s asbestos-containing products.
In 1988, the first asbestos trust fund was created. Within 7 months, the Manville Personal Injury Settlement Trust paid out nearly $500 Million to settle over 126,000 asbestos claims.
As of July 2024, the Johns Manville Trust has paid out over $5 Billion in compensation to victims of asbestos-related diseases and their loved ones.
How to Get Compensation from Asbestos Trusts
Getting compensation from asbestos trust funds can be done from the comfort of your home when you work with our mesothelioma law firm.
You won’t have to go to court to file a claim, and an experienced attorney can handle every step of the claims process for you.
At Sokolove Law, we can collect evidence that proves your exposure, including:
- Confirmation of employment history and job sites that used asbestos
- Medical records about your asbestos-related disease
- Military service records, if applicable
- Testimony from coworkers or other witnesses
We’ll also determine all of the companies that may be responsible for your exposure, so you can get the most money possible from asbestos trust funds.
The Advisory Committee Reviews Your Claim
Then, our mesothelioma attorneys will submit your claim to the trust’s advisory committee. The committee will review your asbestos trust fund claim in one of two ways.
| Expedited Review | Individual Review |
|---|---|
| Streamlined process for claims that meet specific criteria | The claim is reviewed in detail due to special circumstances, like unique medical issues or if the victim is diagnosed at a young age |
| Awards a predetermined amount based on the diagnosis | Often awards more compensation, but there is a chance it could result in less |
| Allows victims to get money faster | Takes longer for claims to be reviewed |
The majority of asbestos trust fund claims undergo an expedited review, while only 2-3% of all claims undergo an individual review.
Our mesothelioma lawyers can review the facts of your case and determine which type of claim review may provide you with the most compensation possible.
Your Asbestos Trust Fund Payment Percentage Is Calculated
After a member of the committee evaluates and determines the value of your claim, you can accept the offer and then receive a percentage of this amount as a payout.
Asbestos payout percentages allow trust funds to make sure future victims can also access compensation from their trusts. These percentages change over time, depending on how much money is still available.
For example, if your mesothelioma claim is worth $100,000, and the trust has a payment percentage of 10%, you would receive $10,000 from this single trust.
Most victims can file multiple claims, with the average total secured from asbestos trusts being $300,000 to $400,000.
While the payout timeline may vary for each case, many of our clients start receiving compensation in as few as 90 days of contacting us.
Who Can Access Asbestos Trusts?
Asbestos trust funds serve as a vital resource for individuals and families impacted by asbestos-related diseases.
If you’ve been diagnosed with mesothelioma, lung cancer, or another illness caused by asbestos, you may be able to access these trust funds and seek justice from the companies responsible for your exposure.
Even if your loved one passed away from an asbestos-related disease, you may still qualify for compensation from an asbestos claim after their death.
The time you have to file a mesothelioma fund claim is limited due to deadlines known as statutes of limitations, which are established by each individual trust.
If you miss the deadline, you may lose your chance to access asbestos trust fund compensation. Call (800) 647-3434 now to get started with your claim before it’s too late.
Get Help Pursuing Asbestos Trust Fund Settlements
Asbestos trust funds may provide essential compensation for victims of asbestos-related diseases that can help pay for medical costs, lost wages, and more.
At Sokolove Law, we have over 45 years of experience fighting for justice on behalf of families impacted by mesothelioma and other illnesses caused by negligent asbestos-related companies.
Our mesothelioma lawyers:
- Can identify all of the trust funds you may qualify for
- Have recovered over $5.1 Billion for those impacted by mesothelioma
- Don’t charge any hourly fees or out-of-pocket costs
- Have successfully helped thousands of mesothelioma clients
Contact us now to find out if you may be eligible for asbestos trust fund compensation. Let us get you the money you deserve.
