What Is A Mesothelioma Trust Fund?

An asbestos mesothelioma trust fund is a financial resource established by companies that have filed for bankruptcy due to their liability for asbestos-related injuries, such as mesothelioma. These funds are specifically designed to compensate individuals diagnosed with mesothelioma and other asbestos-related diseases. Rather than facing individual lawsuits, companies create trust funds to address their debt and streamline the compensation process for current and future victims. Since the 1980s, asbestos trust funds have paid claimants over $20 billion.

This compensation amount obviously varies, but you can rest assured that Mesothelioma Hub’s legal experts are always ready for trial and seeking the most amount they possibly can.  Considering that the EPA just announced that the most common form of asbestos was officially banned in the United States, it will come as no surprise that some companies already have established trust funds. Many people in those industries may not even know that trust funds exist. This is why our team of legal experts at Mesothelioma Hub has provided the following information about how you can seek compensation from an asbestos mesothelioma trust fund. It’s always important to talk with a certified legal expert as the following is not legal advice, just general information. Please read more below to find out the in’s and out’s when it comes to asbestos and mesothelioma legal trust funds.

List of Asbestos Trust Funds

As we’ve said many times before, mesothelioma is a uniquely rare and deadly cancer caused by asbestos exposure that primarily affects the lungs but can also attack the heart, stomach, and testicles. For those diagnosed with mesothelioma, seeking compensation for medical expenses may be the only way even to afford treatment. Mesothelioma and asbestos trust funds like these offer a lifeline to victims and their families that can be rare in the circumstances.

The U.S. Environmental Protection Agency (EPA) recently made some enhancements to the Toxic Substances Control Act (TSCA), requiring asbestos importers, manufacturers, and processors to report asbestos use and exposure risks accurately. Officials hope the ruling will diminish mesothelioma cases and reduce the number of people receiving compensation from asbestos trust funds.  That said, mesothelioma trust funds often pay up to six figures, with certain payouts exceeding $1 million. Compensation amounts vary based on disease-specific factors and the current payment schedule the trust established. Over the last several decades, nearly 60 asbestos companies filed for bankruptcy and established trust funds to compensate victims. Some of these asbestos trusts include:

Company Estimated Initial Assets Year Established
United States Gypsum Trust $3.9 billion 2006
W.R. Grace and Co. Trust $2.9 billion 2001
Pittsburgh Corning Corporation Trust $3.4 billion 2011
Owens Corning Corporation Trust $3.4 billion 2006
DII Industries Trust $2.5 billion 2005
Johns-Manville Corporation Trust $2.9 billion 1988
Armstrong World Industries Trust $2 billion 2006
Western Asbestos (Western MacArthur) Trust $2 billion 2004
Owens Corning Fiberboard Subfund Trust $1.5 billion 2006

Mesothelioma Trust Fund Payment Percentage

Typically, asbestos trust funds use a payment schedule to calculate how much each approved claim receives. The trust determines the value of a mesothelioma claim and then pays a percentage of that value. For example, the U.S. Gypsum Company Asbestos Trust Fund has a current asbestos payment percentage of 12.7%. This means that if the trust values a mesothelioma claim at $150,000, you would receive $19,050. The payment percentage system is implemented to preserve funds for future claims.

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Asbestos Trust Fund Eligibility

Eligibility for financial compensation requires that you have been diagnosed with an asbestos-related illness such as mesothelioma, lung cancer, or asbestosis. Medical documentation and proof of diagnosis are essential components of the claims process and can be obtained from a histopathologist or other medical professional. You must demonstrate evidence of significant exposure to asbestos, typically through your employment in specific industries where asbestos was commonly used. Contrary to a common asbestos myth, individuals can come into contact with asbestos without knowing it or through secondary exposure (contact with asbestos fibers through someone else) and develop mesothelioma.

Each asbestos trust fund has its own statute of limitations, referring to the time limit within which you must file a claim after your diagnosis. By submitting your claim, you typically agree to accept the compensation offered by the trust fund as full and final settlement of your claim. This means you may waive your right to pursue further legal action against the bankrupt company or companies that established the trust fund. If this is at all confusing, we can help.

What Do I Need to File With a Mesothelioma Asbestos Trust Fund?

Mesothelioma trust funds offer a simple process for mesothelioma victims to seek compensation without the need for lengthy legal proceedings. If a claim meets the criteria and is approved, you will receive compensation from the asbestos trust fund according to the predetermined payment schedule set forth by the trust’s distribution procedures. If you have trouble locating any of the below items, our team can help facilitate, but in the end, you will need to provide the following to file a claim:

  1. Medical documentation confirming a diagnosis
  2. Proof of exposure to asbestos products
  3. Employment history
  4. Other documentation (discussed in consultation)

I Need Help Filing a Mesothelioma Settlement Trust

Mesothelioma is a devastating and emotionally difficult cancer to overcome that has affected thousands of individuals worldwide. For those diagnosed with this disease, navigating medical treatments for mesothelioma and financial burdens can be overwhelming, which is why any form of legal compensation can go a long way. Filing a claim with a mesothelioma settlement trust can be a complex process, but you can navigate it effectively with the proper guidance and support. If you are diagnosed with mesothelioma, a qualified asbestos attorney can help you determine if trust funds are right for you, help you gather evidence, and submit a mesothelioma settlement trust claim so that you can focus on remission.

You may also pursue compensation through lawsuits against companies responsible for your asbestos exposure. Patients can seek compensation to cover damages relating to their condition through a mesothelioma lawsuit. Legal action involving asbestos occurs in the form of a personal injury lawsuit filed by the victim or a wrongful death lawsuit filed by the victim’s family on their behalf. Military veterans exposed to asbestos during their service may be eligible for benefits through the Department of Veterans Affairs (VA). The additional benefits can include access to VA healthcare services and disability compensation. You can work with a VA-accredited attorney to determine your eligibility, answer your legal questions, and apply for these benefits.

Mesothelioma Support Team

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