What Are Asbestos Trust Funds?
Asbestos trust funds are a form of mesothelioma compensation that allows eligible victims and their loved ones to access money from bankrupt asbestos manufacturers.
Today, more than $30 billion is available in asbestos trust funds. You may be eligible to file claims with multiple companies, and some people receive compensation in 90 days or less.
Asbestos trust funds were set up in the 1980s after asbestos-containing products endangered millions of workers and their families. Many companies that knowingly exposed people to asbestos filed for Chapter 11 bankruptcy protection to avoid being sued.
However, these companies had to set aside large amounts of money in trust funds to compensate current and future victims of mesothelioma and other asbestos-related diseases.
Think you were a victim of asbestos exposure?
See which companies have established asbestos trust funds.
Who Is Eligible to Access Asbestos Trust Funds?
Mesothelioma funds limit compensation to claimants who meet specific criteria related to their health and the circumstances of their asbestos exposure.
You can file claims with asbestos trust funds if:
- You were exposed to asbestos-based products
- The companies that set up the trusts made the products you were exposed to
- You developed mesothelioma or another asbestos-related disease from using the products
Your family members may also be able to file a claim on your behalf if you cannot do so.
After being diagnosed with mesothelioma, you should file your legal claim immediately. There are statutes of limitations that set time limits on filing a claim after an asbestos-related death or diagnosis. Waiting too long to file a claim could affect whether you receive compensation.
Qualified mesothelioma lawyers can help you determine which trusts you qualify for and how long you have to file a claim. Your mesothelioma attorney can also help you gather the information you need to build a strong trust fund claim.
Were you or a loved one diagnosed with an asbestos-related illness? See if you qualify to access asbestos trust fund compensation right now.
Asbestos Trust Fund Payouts
Each asbestos trust fund is managed by a group of trustees who determine how much the fund will pay out.
Some companies with mesothelioma trust funds have created payment percentages to ensure they have money to pay future claimants.
Payment percentages can range from 1-100% of the claim’s full value and fluctuate based on the number of people who file a claim.
For instance, in trusts where the full claim amount is $200,000:
- 1% payment percentage = $2,000 payout
- 50% payment percentage = $100,000 payout
- 90% payment percentage = $180,000 payout
Because trusts have the ability to change to payout percentages over time, filing a claim as soon as possible is crucial. Start the trust fund claims process now by learning if you qualify for asbestos trust fund compensation.
How Much Money Do Trust Funds Pay Out?
Each trust fund is different, so the payout will vary based on which asbestos companies you file your claim against, the trust’s payment percentage, your diagnosis, and other factors.
Notable Asbestos Trust Fund Payouts
- $1.1 million Insulation company trust fund
- $345,000 Asbestos company trust fund
- $280,000 Valve company trust fund
- $63,000 Pipe company trust fund
All Simmons Hanly Conroy settlement amounts have been fact-checked and verified by our editorial team.
Mesothelioma victims usually secure $1 million or more through legal claims and asbestos trust fund payouts.
What Is the Average Payout from an Asbestos Trust Fund?
After payment percentages are applied, the average value of a single asbestos trust fund claim is around $41,000 per trust for victims of mesothelioma.
However, the number of trusts you qualify for, variations in payment percentages, and other factors can impact how much compensation you actually receive. Many mesothelioma victims file claims with multiple asbestos trust funds to obtain the maximum payout possible.
How Long Does It Take To Receive a Trust Fund Payout?
The time frame to receive payouts from asbestos trust funds varies by case. Many victims begin receiving trust fund payouts within 90 days of filing their claim.
If you and your legal team decide to have the trusts complete an expedited review of your claim, you’ll get paid a fixed amount of money as determined by the trustees based on their established criteria for your diagnosis.
The other option is an individual review, where the trust fund takes a more detailed look at the unique facts of your claim. The trustees may award a higher amount than offered through the expedited review, but the process may take longer.
How to File Claims With Asbestos Trusts
There is a specific process for filing trust fund claims and pursue financial compensation. An experienced mesothelioma lawyer can assist you with each step.
1. Confirm Your Diagnosis
No matter what trust funds you file claims with, an official mesothelioma diagnosis from your doctor is critical.
A mesothelioma diagnosis must be confirmed through medical records, including imaging scans, bloodwork, and biopsies. Your doctor will need to describe how asbestos exposure contributed to your diagnosis and provide an in-depth overview of the extent of your illness in order for any trusts to approve your claims.
2. Select a Lawyer to Represent You
A key part of filing your claim is choosing the right law firm and asbestos attorney to help you.
When researching mesothelioma lawyers, take advantage of free consultations. This allows you to research the firm’s track record and experience in asbestos exposure litigation. It also allows you to clear up any questions you may have about the trust fund claims process.
Selecting a mesothelioma law firm is a personal choice, but we recommend choosing one that has helped many other victims get financial assistance.
3. Get a Free Case Review
During this consultation, you’ll be able to learn more about how an asbestos lawyer can help you. A good attorney will help you feel at ease by giving you confidence in their abilities. They should also be able to answer your questions and address your concerns clearly and openly.
You’ll need to provide as much information as possible about your work and medical history. Your age, diagnosis, military involvement (if any), and asbestos exposure history will affect how your case is processed.
Providing your lawyer with this information up front will give you the best chance of receiving payouts from asbestos trust funds.
With access to a nationwide network of mesothelioma lawyers, we can connect you with a law office that can help explain your legal options. Get started with your free case review today.
4. File Your Trust Fund Claim
Once your lawyer has all the necessary information, they will file your mesothelioma claim.
Your lawyer can provide you with a general estimate, but the exact timeline will depend on the number of claims being processed and the details of your case.
5. Receive Compensation from Asbestos Trust Funds
The amount of money you receive will depend on your diagnosed illness and what your attorney can negotiate on your behalf. Asbestos trusts will liquidate (pay) all claims they determine to be valid.
Download our Free Attorney Checklist right now to ensure you get the answers you need when meeting with a lawyer.
List of Companies With Asbestos Trust Funds
Today, more than 100 companies have established their own asbestos bankruptcy trusts. If you or a loved one were diagnosed with mesothelioma and worked for at least one of these asbestos companies, you may be able to file a claim.
- A-Best Products Company
- A&I Corporation
- A.B.B. Global, Inc.
- A, C & S Inc.
- A.P. Green Industries, Inc.
- A.P.I. Group, Inc.
- Armstrong World Industries, Inc.
- A.R.T.R.A. Group, Inc.
- Asarco, Inc.
- Asbestos Claims Management Corp.
- Babcock & Wilcox Company
- Brauer Supply
- Burns & Roe Enterprises, Inc.
- C.E. Thurston & Sons, Inc.
- Celotex Corporation/Carey Canada, Inc.
- The Christy Refractories Company
- Combustion Engineering, Inc.
- Congoleum Corporation
- DII Industries, LLC (Dresser Industries)
- Eagle-Picher Industries, Inc.
- Federal-Mogul Corp.
- Ferodo America, Inc.
- Fibreboard Corporation (subsidy of Owens Corning)
- Flexitallic, Inc.
- Flintkote Co./Flintkote Mines Ltd.
- G-I Holdings, Inc.
- General Motors Corporation
- Harbison-Walker Refractories Company
- Hercules Chemical Company, Inc.
- H.K. Porter
- J.T. Thorpe, Inc.
- Johns-Manville Corp./Philadelphia Asbestos Corp.
- Kaiser Aluminum & Chemical Corporation
- Keene Corporation
- Leslie Controls, Inc.
- MacArthur Co. (also known as Western Asbestos Company)
- North American Refractories Co.
- Owens Corning
- Pittsburgh Corning
- Plant Insulation Company
- Plibrico Company
- Porter-Hayden Company
- Quigley Company, Inc.
- Raymark Industries, Inc.
- Shook & Fletcher Insulation
- T H Agriculture & Nutrition, L.L.C.
- Thorpe Insulation Company
- United Gilsonite
- United States Gypsum Company
- United States Mineral Products Company
The best way to determine whether you can file claims with any of these trusts is to speak with a mesothelioma lawyer.
Why You Need a Lawyer to File Asbestos Trust Fund Claims
The trust fund process can be complex, and several aspects must be considered when filing your asbestos trust fund claim. A mesothelioma lawyer can help navigate any issues affecting your ability to get financial compensation from the trusts listed above.
Factors that may affect asbestos trust fund claims include:
- Compensation disclosure laws: These laws can force victims to disclose information about money from a prior asbestos trust fund claim and can affect compensation amounts.
- Setoffs: These can reduce the compensation an asbestos exposure victim receives from a trial. For example, if a victim wins $500,000 in a verdict but also previously won $100,000 in a trust fund claim, they may end up with $400,000.
- State laws: States can limit claims depending on your diagnosis and whether you have already filed a claim for a less severe asbestos disease such as asbestosis.
- Statutes of limitations: Each trust fund sets its own deadline to file a trust fund claim, usually 2-3 years after a mesothelioma diagnosis or death.
To learn if you qualify for asbestos trust fund compensation, connect with our partner law firm Simmons Hanly Conroy.
Find Out If You Can Access Asbestos Trust Funds
Negligent companies that hid the risks of asbestos exposure from millions of people should be held responsible for their actions. While these companies profited off asbestos-based products, millions were exposed and put at risk of developing asbestos-related diseases.
You and your family should not have to pay for the negligence of these companies. Thankfully, more than $30 billion is available in asbestos trust fund compensation today for families affected by mesothelioma.
Experienced mesothelioma lawyers can help you easily file your trust fund claim and help you find additional compensation.
The first step in securing compensation from mesothelioma trust funds is to get a free case evaluation. Our team can help you find a trusted attorney to handle your claim(s).
Request a free consultation now to start the process.
Asbestos Trust Fund FAQs
When was the first asbestos trust established?
The first asbestos trust was created in 1982 by Johns-Manville, a major manufacturer of asbestos-based products. Once it filed for Chapter 11 bankruptcy, the company became the first to establish a mesothelioma trust.
Many asbestos companies followed the same steps and created their own mesothelioma trust funds to avoid a multitude of lawsuits.
How much money is available in asbestos trust funds?
Today, more than $30 billion is available in trust fund compensation. Anyone who has been diagnosed with an asbestos-related disease may be eligible to access money from an asbestos trust.
How much are mesothelioma trust fund settlements worth?
The average asbestos trust fund claim is worth about $41,000. That said, you may qualify for compensation from more than on asbestos trust.
Asbestos trust fund payments can also vary greatly depending on unique factors. Further, you may qualify for additional forms of compensation, such as a mesothelioma settlement or veterans benefits.
Do I qualify for asbestos compensation?
You may qualify for asbestos claim compensation if you’ve been diagnosed with an asbestos-related disease, such as mesothelioma, lung cancer, or asbestosis.
Your lawyer must be able to prove you were exposed to the asbestos-based products made by the companies named in the claim to get financial compensation.
What is the average payout for asbestosis?
The average asbestos trust payout for asbestosis varies significantly depending on the severity of the condition, the extent of your asbestos exposure, and the jurisdiction where the claim is filed. It is important to consult with an attorney who specializes in asbestos-related diseases to get payout information specific to your situation.
What percentage does Bondex asbestos trust pay?
The payout rate for an approved Bondex trust fund claim is 22%. All asbestos trust funds allocate a predetermined percentage for each filed claim to guarantee there are enough funds for future victims.
What percentage does Quigley asbestos trust pay?
The existing payment percentage is 3.6 % or 14.5% depending on when the claim is filed and other factors. These percentages were established by the Quigley trust to secure adequate funds for future claims.
What percentage does Owens Corning asbestos trust pay?
At this time, the Owens Corning trust pays 7.8%, while the Owens Corning Fibreboard trust pays 6.7 %. These payment percentages are considered relatively low compared to other larger asbestos trusts.