Asbestos has been used in the United States since the late 1800s, but it wasn’t until the early 1900s that its use became widespread. Asbestos was used as insulation and fireproofing material in a variety of industries, from shipbuilding to construction. Unfortunately, its use also led to serious health issues for people exposed to asbestos fibers. In the 1970s, regulations were put in place to limit asbestos exposure and eventually phase out its use altogether. Today, asbestos is no longer used in any new products or buildings, but its legacy still lingers due to its long-term health effects on those exposed throughout history.
Asbestos exposure has caused several serious health problems, including mesothelioma, an aggressive form of cancer. As a result, many asbestos companies have been sued by the victims and their families.
What Are Mesothelioma Trust Funds?
Mesothelioma Trust Funds are an important part of the legal process for those affected by asbestos-related illnesses. Many of these companies responsible for asbestos-related diseases filed for Chapter 11 bankruptcy to avoid paying out billions of dollars in claims from those who have been exposed to asbestos-related diseases. Companies were forced to set up trust funds to provide settlements in the form of financial assistance to those who have been diagnosed with mesothelioma, asbestosis, and other asbestos-related diseases. The funds are typically established by companies that manufactured or sold asbestos products in the past and are now facing legal action from victims of their products. These trust funds provide a way for victims to receive compensation for their medical bills, lost wages, pain and suffering, and more. Currently, there are over 65 asbestos trust funds set up from companies worth about 30 billion dollars.
Mesothelioma Trust Fund Compensation
In 1994, the United States Congress established a section of the Bankruptcy code to allow asbestos companies to establish trust funds.
Mesothelioma and asbestos trust funds are designed to pay out current and future claims. To ensure funds don’t run out, the amounts in the trust funds will continually change to meet the needs of current and future claims.
The criteria for victims typically requires documented proof of exposure and subsequent asbestos-related diagnosis. Although most trust funds have the same eligibility requirements, some have additional criteria. This why it is recommended to hire a lawyer who is experienced in handling Mesothelioma trust fund claims on behalf of victims, or if deceased, the family members.
An experienced lawyer can ensure victims meet all eligibility requirements for maximum compensation for the pain and suffering or death from the asbestos exposure.
Winton Law El Paso P.C.
1533 N. Lee Trevino Suite 201
El Paso, TX 79936
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Disclaimer: Every effort has been made to ensure the accuracy of this article at the time it was written. It is not intended to provide legal advice or suggest a guaranteed outcome as individual situations will differ and the law may have changed since publication. Readers considering legal services should consult with an experienced lawyer to understand current laws and how they may affect your case.