Asbestos Trust Claims: Compensation is Available Without Filing a Lawsuit
Asbestos companies and their insurers placed close to $30 Billion dollars into trust funds to pay people who were injured by asbestos.
But nearly 40% of the funds have still gone unclaimed by the victims. You may be entitled to a portion of these funds.
Applying for asbestos trust fund compensation is not getting into a fight.
This money was set aside in a trust account for those who were injured.
Applying for a payment from these trusts is not affecting any company or coming out of anyone’s pocket. This is insurance money specifically to help people hurt by asbestos.
The court ordered the funds because the asbestos industry could no longer hide its secret: asbestos is very dangerous to breathe.
Fibreboard Company Asbestos Trust
Fibreboard Company Asbestos Trust
|Core Businesses||manufacture of insulation and building materials|
|Bankruptcy||District of Delaware (2000)|
|Year Trust was Founded||2006|
|Assets at Founding||~ $5,000,000,000|
|Assets as of 2022||$798,000,451|
|Amount of Money Paid To Date||$1.5 billion|
|Number of Claims Paid||448,240|
Fibreboard Company (FB), at one point named Fibreboard Paper Products Corporation, was founded in 1884 in California. Its first running operation was an insulation plant. By its own admission, the company used asbestos in the manufacture of its insulation and other products beginning in 1925.
- In the 1960s, a subsidiary of FB called PABCO Metals Corporation manufactured asbestos containing products like pipe covering, cement, and insulating materials.
- The company’s reign of incorporating harmful asbestos fibers into its products lasted almost 50 years as it eventually stopped using asbestos in the early 1970s.
- In 1976, FB was purchased by Louisiana-Pacific Corporation, but it became an independent company again in 1988.
- In 1997, the infamous Owens-Corning Company purchased Fibreboard for $515 million, according to the Wall Street Journal.
- It was reported that Owens-Corning took on $85 million in debt attached to FB.
Workers Generally Eligible for the Owens-Corning/Fibreboard Company Asbestos Personal Injury Trust:
Workers who may have been at risk of exposure to asbestos from Fibreboard Company products include:
|Insulators||Pipefitters||Construction / Demo workers|
|Laborers||Factory workers||Steam equipment repairmen|
Insulators were one of the top trades that was at risk for exposure to FB products, however, this does not rule out other trades. Factory workers, pipefitters, and construction workers would have routinely used the block insulation, pipe insulation, and cement that Fibreboard made.
Further, anyone working in the vicinity of someone manipulating Fibreboard asbestos products would have been at risk of exposure.
Secondary Asbestos Exposure
Spouses and household members of workers may qualify for the Owens-Corning/Fibreboard Company Asbestos Personal Injury Trust as well.
People who brought home asbestos on their work clothes may have also been exposed in their homes and vehicles. This especially includes anyone who regularly laundered asbestos-tainted work clothes. Asbestos is dusty and durable, and anyone who spent time in a garage or small laundry room breathing it in could have been at risk.
Fibreboard Company Trust History
Asbestos injury claims had been piling up against the company since the late 1960s. It is estimated that by 1991, FB faced some 80,000 individual injury claims.
The 1997 purchase of FB by Owens-Corning Company caused financial strain due to acquired debt from asbestos litigation. Both companies filed separately for Chapter 11 Bankruptcy October 5, 2000. The combined bankruptcy trust was formed on October 31, 2006 and began accepting claims in 2007.
In 2006, Owens-Corning/Fibreboard Company created the Owens-Corning/Fibreboard Company Asbestos Personal Injury Settlement Trust under its Chapter 11 Joint Plan of Reorganization. The current payment percentage is 6.7%.
The Trust states that it is “organized to process, liquidate, and pay all valid asbestos personal injury claims for which OC/FB has legal responsibility.” The purpose of the payment percentage is to ensure that the Trust has funds for present and future claimants.
The trust processes each claim differently depending on whether it pertains to Owens-Corning or Fibreboard, and the payment percentage is different for each company.
The Owens-Corning/Fibreboard Company Asbestos Personal Injury Settlement Trust has established forms and procedures to apply and collect compensation from the trust. You can learn more on their website.
In 2022, 17,306 FB specific claims were settled with the OCFB Trust, according to its annual financial report.
The report also details that it paid $30.95 million in FB specific claims in 2022, contributing to the $1,505,880,000 the Trust has paid since it was established.
Important Facts About Asbestos Trust Compensation for People with Asbestos Illnesses
The Vast Majority of Our Clients Qualify for Payments from Multiple Asbestos Trusts.
Depending on where you worked, or how you were exposed to asbestos, you may qualify to file claims with more than one asbestos trust. Different occupations worked with different types of asbestos products. The location of the work – the actual job site – also impacts which claims may be filed. Every case is unique, and thousands of clients have been able to receive compensation from multiple asbestos trusts.
Asbestos Trust Claims Are Not Lawsuits and Do Not Affect a Person’s Employer or Benefits.
Filing claims with asbestos trusts is a separate act than filing a lawsuit against certain companies. It is possible, however, to file a lawsuit and additionally file claims with asbestos trusts. This determination is made on a case-by-case basis depending on each client’s work and/or exposure history. Companies that are not bankrupt are eligible to be sued in a lawsuit, while bankrupt companies are those that were ordered to establish asbestos bankruptcy trusts.
The asbestos trusts exist for the purpose of awarding compensation to qualifying claimants. The courts designated that money be specifically set aside to provide payment to those individuals injured by asbestos. You do not have to be retired to file a claim, and the claim does not affect your current or previous employer(s), or any benefits you may already receive. If you worked with products or at a job site that was owned by a company that has established an asbestos trust, you may meet the criteria for compensation.
Veterans Injured By Asbestos Exposure During Service Can Claim Asbestos Trust Compensation and Veterans Benefits
Asbestos use was extremely common in the U.S. military for decades. Navy ships were built using asbestos insulation to ensure they were fireproof. The boiler rooms on the ships were full of asbestos insulation, gaskets, and valves used on the various types of equipment. Military tanks and vehicles used asbestos containing brake parts as well as gaskets and valves.
Some military jobs, such as mechanics, boilermakers, and pipefitters, to name a few, would cause servicemembers to be directly exposed to asbestos. Other jobs required that work be done near those using or working with asbestos, which still put those workers at risk. A military veteran’s benefits will not be affected by filing asbestos trust claims; this is true even if you already receive disability benefits from the VA.
Cigarette Smokers Are Absolutely Eligible to File Asbestos Trust Claims.
One of the common misconceptions surrounding asbestos trust claims is that people who smoked are not eligible to file for compensation.
That’s absolutely false.
Our Office has Recovered Many Trust Settlements on Behalf of Smokers.
Asbestos exposure makes it five times more likely you’ll develop lung cancer. Smoking makes it ten times more likely you’ll develop lung cancer. But being a smoker with asbestos exposure makes it fifty times more likely you’ll develop lung cancer.
And that’s why asbestos companies will pay compensation to industrial workers or others exposed to asbestos, even if they were lifelong smokers.
I know this, because many of them are my clients.
Your rights can be lost if you wait.
Although asbestos trust claims are not lawsuits, they are subject to the same time limitations that lawsuits are.
These laws are called Statutes of Limitation.
Statutes of limitation specify how much time a person has to file a lawsuit.
If a person waits too long, they lose the right to file a lawsuit.
Every state puts limits on how long individuals have to file lawsuits on their own behalf or on behalf of a deceased loved one. These laws are called Statutes of Limitation, and if you miss one, you will not be able to file any asbestos claims.
The exact same thing applies with asbestos trusts:
If you wait too long to file an asbestos trust claim, you’ll lose the right to do so. Statutes of Limitation can be complicated in asbestos cases because a person typically doesn’t develop an asbestos-related illness until many years after he or she was exposed.
Statutes of Limitations are often not very straightforward in asbestos cases because there are questions about when the statute should start:
- Does “the clock” start when a person is diagnosed with an asbestos-related illness, or does it start when they find out their illness could have been caused by asbestos?
- If they worked in Texas but now live in Missouri, which statute applies?
These are the sorts of questions that are best posed to an asbestos attorney, and we’re happy to answer them for you.
If you believe you are entitled to compensation for your asbestos-related illness, call, text or email our law firm so we can tell you how long you have to make the decision to file a trust claim or to seek asbestos compensation through an asbestos lawsuit.
It won’t cost you anything to call us, but it could cost you everything if you wait too long to file a claim.
Justinian C. Lane, Esq. – AsbestosClaims.Law
My grandfather, grandmother and father were all exposed to asbestos in their work, and all three died of respiratory-related cancers.
I found out too late about the health effects of asbestos to help them.
But my firm has helped many other people receive compensation for health problems they developed from exposure to asbestos.
Call, text or email us for a completely free consultation with no obligation. I will listen to the details of your story, and explain your options. We only work on contingency, so we only get paid if you do.
Every case is different, but the Law Offices of Justinian C. Lane, Esq. has obtained large settlements for thousands of people harmed by asbestos. This compensation has helped ease our clients’ financial burdens, and offers a legacy to leave for their loved ones.
At AsbestosClaims.Law, we’ve helped thousands of people who were exposed to asbestos in their job, car or at home.
Can we help you?