Asbestos Trusts and Legal Liability
Asbestos laws arose out of millions of Americans’ ongoing occupational exposure to asbestos, which is linked to mesothelioma and other serious diseases. Due to mesothelioma’s long latency period, it usually takes several decades for injuries linked to occupational asbestos exposure to emerge. Many people think asbestos regulations have eliminated the occupational risk for asbestos exposure. Yet thousands of people are diagnosed with asbestos-related diseases every year. Because asbestos injuries are preventable, it’s possible to hold the asbestos companies liable for the exposure responsible financially.
Asbestos trust funds & bankruptcy
Many companies responsible for asbestos exposure have declared bankruptcy at least partially due to their asbestos-related liability. In this process, such a company can transfer its liabilities and assets to an asbestos trust, which is a personal injury trust that then becomes responsible for compensating present and future claimants.
According to the U.S. Government Accountability Office (GOA), there are about 100 companies that declared bankruptcy in part due to asbestos-related liability. As part of the bankruptcy agreement, each bankrupt company hires lawyers to set up an asbestos trust to hold its assets and disburse them to mesothelioma plaintiffs over time. The trusts have grown from 16 with $4.2 billion in assets in 2000, to 60 with $36.8 billion in assets in 2011.
Your legal rights related to asbestos exposure
If you or a family member were exposed to asbestos or diagnosed with mesothelioma as a result of one or more companies’ disregard for employee safety, we can work with you to hold them accountable for their irresponsible practices.
Medical treatments for mesothelioma are costly and can place a profound financial and emotional strain on you and your family. Many victims drain their savings and retirement accounts to pay for life-extending care. Mesothelioma law exists to aid victims who have found themselves in these dire financial situations. Mesothelioma progresses rapidly, so there’s often little time to plan and provide for those who may eventually be left behind. When it comes to filing a mesothelioma lawsuit after a diagnosis, time is of the essence. The more quickly you act, the greater your chance of receiving the financial compensation from a mesothelioma lawsuit you and your family need—and deserve.
Seeger Weiss is committed to helping victims of mesothelioma and their families obtain justice and compensation for their injuries. Call today for a free consultation.