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Asbestos Trust Funds
Asbestos companies that declare bankruptcy are required to establish mesothelioma trust funds to help the victims of asbestos harmed by the company’s products. An estimated $30 billion has been set aside by over 100 companies, so there’s enough money available for all future claimants with asbestos-related diseases.
Get a free legal consultation or call (800) 326-8900 today to learn if you may be eligible to receive asbestos trust fund compensation.
What Are Asbestos Trust Funds?
As mesothelioma and asbestos lawsuit filings increased in the late 1900s, many asbestos companies responded by filing for bankruptcy to avoid having to pay for their wrongdoings. Bankruptcy code at the time allowed these companies to limit or eliminate any obligations for future personal injury claims by forming asbestos trusts.
Bankrupt asbestos companies were then required by the courts to put aside money into asbestos trust funds to compensate future victims of the company’s asbestos products.
Today, more than 100 companies have established their own asbestos bankruptcy trusts. It’s estimated that more than $30 billion collectively has been set aside in these trusts to help victims of asbestos exposure and their families.
A few of these companies with asbestos trust funds are:
- Armstrong World Industries
- Babcock & Wilcox
- Bondex
- DII Industries
- Federal Mogul Corp.
- Flexitallic
- Johns-Manville Corporation
- National Gypsum
- Owens Corning Fibreboard
- Pittsburgh Corning Corp. (PCC)
- Turner & Newall
- United States Gypsum (USG)
- Western Asbestos Company
- W.R. Grace
How Do Asbestos Trust Funds Work?
Mesothelioma patients or those diagnosed with another asbestos-related disease can submit their claims to the asbestos settlement trusts set up by the bankrupt companies responsible for their asbestos exposure. The asbestos trust would pay those claims.
If you have been exposed to asbestos and diagnosed with mesothelioma or another asbestos-related disease (like asbestosis or lung cancer), you may be eligible to file a mesothelioma lawsuit — but only if the company has not already declared bankruptcy and established an asbestos trust fund.
You cannot file a lawsuit against a company that has created an asbestos trust fund. If that’s the case, you can seek financial compensation from that company by filing an asbestos trust fund claim.
Since many of the companies that filed for bankruptcy were leaders in the asbestos industry, it’s possible you may have one or more claims against existing or future trusts if you have an asbestos-related illness.
Filing a Trust Fund Claim
If you’re considering filing an asbestos trust fund claim, you need to prove that you were:
- Diagnosed with an asbestos-related illness
- Exposed to an asbestos-containing product from the bankrupt company
In addition, if you were exposed to multiple asbestos-containing products, you may qualify for compensation from multiple trusts. Different trusts have different requirements — like submitting medical records or work history records — to receive compensation.
The process of filing an asbestos trust fund claim generally follows these steps:
Step 1
Contact Asbestos Attorneys
As a national mesothelioma law firm, our experienced asbestos attorneys can help you understand the steps to file a mesothelioma trust fund claim, gather the evidence to prove your case, and determine which trusts you’re eligible to submit claims to.
Call (800) 326-8900 or fill out our contact form to determine your claim eligibility.
Step 2
Collection of Information
One of our team members will gather information about your potential claim. Based on your recollection of your work combined with company evidence, our attorneys will thoroughly investigate and pinpoint the exposure sites for you.
Step 3
Testimonies
Once exposure information has been determined, the person with mesothelioma or another person with knowledge of the exposure will sign affidavits stating he or she was exposed to the product or products.
Step 4
Review the Case
At this point, our team of mesothelioma attorneys and their staff will review exposure information and recommend either an expedited review or an individual review of the claim.
Expedited Review: Most trusts have determined a payout for those that meet basic requirements for approval of a claim; this means every claimant approved with the same disease gets the same award (money).
Individual Review: If our lawyers determine that you may be awarded more money based on the unique facts of your claim, they may recommend that you pursue an individual review. In this case, the trustee may award a higher amount than offered through the expedited review. This process can take longer, and it is possible the trustee may award less money than the expedited review.
Step 5
Liquidation
Once the claim is liquidated, the trust fund administrators will provide you with compensation.
Asbestos Trust Fund Payouts
Amounts awarded from the mesothelioma trust funds vary according to a number of specific factors in each case, including the:
- Asbestos-related illness you’ve been diagnosed with
- Extent of your exposure to asbestos
- Severity of this illness and its effect on your well-being
- Number of asbestos products you were exposed to by each company
- Payment percentages set up by the trust during reorganization
As a leading asbestos law firm, Simmons Hanly Conroy has the resources and experience to help victims of asbestos exposure nationwide get the compensation they deserve.
We’ve recovered over $9 billion for thousands of asbestos clients so far.
Get a free consultation today to see what legal actions may be available to you.
Asbestos Trust Fund List
Several companies who mined asbestos, produced asbestos products, or used asbestos materials in production processes have filed for Chapter 11 bankruptcy protection and reorganized.
The bankruptcy courts have required these asbestos companies to set up trust funds to compensate current and future individuals with valid asbestos personal injury trust claims.
The following is just a partial list of asbestos companies with established trust funds.
| Company | Asbestos Trust Fund | Created |
|---|---|---|
| A.P. Green | APG Asbestos Trust | 2014 |
| ABB Lummus Global | ABB Lummus Global Inc. 425(g) Asbestos PI Trust | 2007 |
| A-Best Products | A-Best Asbestos Settlement Trust | 2006 |
| ACandS | ACandS Asbestos Settlement Trust | 2009 |
| API, Inc. | API, Inc. Asbestos Settlement Trust | 2006 |
| Armstrong World Industries | Armstrong World Industries Asbestos Personal Injury Settlement Trust | 2006 |
| ARTRA Group, Inc. | Artra 524(g) Asbestos Trust | 2007 |
| ASARCO, LLC | ASARCO LLC Asbestos Personal Injury Settlement Trust | 2009 |
| Asbestos Claims Management Corp. (ACMC) | NGC Bodily Injury Trust | 2003 |
| Babcock & Wilcox Co. | Babcock & Wilcox Company Asbestos Personal Injury Settlement Trust | 2006 |
| Bondex International/Special Products Holding Corp. | Bondex Asbestos Personal Injury Trust | 2016 |
| Brauer Supply Co. | Brauer524(g) Asbestos Trust | 2012 |
| Burns & Roe Construction Group | Burns & Roe Asbestos Personal Injury Settlement Trust | 2010 |
| Burns & Roe Enterprises, Inc. | Burns & Roe Asbestos Personal Injury Settlement Trust | 2010 |
| C.E. Thurston | C.E. Thurston and Sons Asbestos Trust | 2006 |
| Carey Canada, Inc. | Celotex Asbestos Settlement Trust | 1997 |
| Celotex Corp. | Celotex Asbestos Settlement Trust | 1997 |
| Christy Refractories Co. LLC | Christy Refractories Asbestos Personal Injury Trust | 2012 |
| Combustion Engineering | Combustion Engineering 524(g) Asbestos PI Trust | 2006 |
| Congoleum Corp. | Congoleum Plan Trust | 2011 |
| DuroDyne National Corp. | Duro Dyne Asbestos Personal Injury Trust | 2021 |
| Eagle Picher Industries | Eagle Picher Industries Inc. Personal Injury Settlement Trust | 1996 |
| Federal Mogul (Federal Mogul Products/Wagner) | Federal Mogul Asbestos Personal Injury Trust – FMP Subfund | 2018 |
| Federal Mogul (T&N, Flexitallic, Ferodo) | Federal Mogul Asbestos Personal Injury Trust- Turner & Newall Subfund | 2007 |
| Flintkote Co./Flintkote Mines | Flintkote Asbestos PI Trust | 2015 |
| Fuller-Austin | Fuller-Austin Asbestos Settlement Trust | 1999 |
| Garlock Sealing Technologies, LLC (Anchor Packing Company and Garrison) | GST Settlement Facility | 2018 |
| General Motors Corp. | Motors Liquidation Company Asbestos PI Trust (General Motors) | 2012 |
| George V. Hamilton Inc. | Geo. V Hamilton, Inc. Asbestos Trust | 2019 |
| G I Holdings, Inc. | G-I Holdings Inc. Asbestos Personal Injury Trust | 2010 |
| Global Industrial Technologies (Harbison-Walker) | DII Industries, LLC Asbestos PI Trust | 2005 |
| H.K. Porter Co. | H.K. Porter Asbestos Trust | 2008 |
| Hercules Chemical Co. | Hercules Chemical Company, Inc. Asbestos Settlement Trust | 2010 |
| J.T. Thorpe Co. | J.T. Thorpe Company Successor Trust (TX) | 2004 |
| J.T. Thorpe Inc. | J.T. Thorpe Settlement Trust (CA) | 2006 |
| Johns Manville Corp. | Manville Personal Injury Settlement Trust | 1988 |
| Kaiser Aluminum | Kaiser Aluminum & Chemical Corporation Asbestos Personal Injury Trust | 2006 |
| Keene Corp. | Keene Creditors Trust | 2006 |
| Kentile Floors | Metex Asbestos PI Trust | 2015 |
| Lake Asbestos Of Quebec, Ltd. | ASARCO LLC Asbestos Personal Injury Settlement Trust | 2009 |
| Leslie Controls, Inc. | Leslie Controls, Inc. Asbestos Personal Injury Trust | 2012 |
| Maremont Corporation | Maremont Asbestos Personal Injury Trust | 2019 |
| Metex Mfg. Corp. | Metex Asbestos PI Trust | 2015 |
| Mid-Valley Inc. (Halliburton) | DII Industries, LLC Asbestos PI Trust (HAL) | 2005 |
| National Gypsum | NGC Bodily Injury Trust | 1993 |
| North American Refractories Corp. (NARCO) | North American Refractories Company Asbestos Personal Injury Settlement Trust | 2013 |
| Oakfabco Inc. | Oakfabco Liquidating Trust | 2019 |
| Owens Corning Corp. | Owens Corning Fibreboard Asbestos Personal Injury Trust – Owens Corning Subfund | 2006 |
| Owens Corning Fibreboard | Owens Corning Fibreboard Asbestos Personal Injury Trust – Fibreboard Subfund | 2006 |
| Pacific Insulation Co. | Thorpe Insulation Company Asbestos Personal Injury Settlement Trust | 2010 |
| Philadelphia Asbestos Corp. (PACOR) | Manville Personal Injury Settlement Trust | 1989 |
| Pittsburgh Corning | Pittsburgh Corning Corporation Asbestos Personal Injury Settlement Trust | 2017 |
| Plant Insulation Co. | Plant Asbestos Settlement Trust | 2014 |
| Plibrico Co. | Plibrico 524(g) Trust | 2006 |
| Porter-Hayden Co. | Porter Hayden Bodiy Injury Trust | 2007 |
| Quigley Co. | Quigley Company, Inc. Asbestos PI Trust | 2014 |
| Raymark Corp./Raytech Corp. | Raytech Corporation Asbestos Personal Injury Settlement Trust | 2010 |
| Shook and Fletcher | Shook & Fletcher Asbestos Settlement Trust | 2004 |
| State Insulations Corp. | State Insulation Corporation Asbestos PI Trust | 2016 |
| Swan Transportation Co. | Swan Asbestos and Silica Settlement Trust | 2003 |
| T.H. Agriculture and Nutrition, LLC | T.H. Agriculture & Nutrition, LLC Asbestos Personal Injury Trust | 2009 |
| Thorpe Insulation Co. | Thorpe Insulation Compmany Asbestos Personal Injury Settlement Trust | 2010 |
| United Gilsonite Laboratories | United Gilsonite Laboratories Asbestos Personal Injury Trust | 2015 |
| United States Mineral Products | United States Mineral Products Company Asbestos PI Settlement Trust | 2008 |
| USG Corp. | United States Gypsum Asbestos Personal Injury Settlement Trust | 2006 |
| Utex Industries | Utex Industries, Inc. Successor Trust | 2005 |
| W.R. Grace | W.R. Grace & Co. Asbestos Personal Injury Settlement Trust | 2014 |
| Western MacArthur/Western Asbestos | Western Asbestos Settlement Trust | 2004 |
| Yarway Corporation | Yarway Asbestos Personal Injury Trust | 2015 |
Not sure which trust funds you qualify for? Let us help you.
How Simmons Hanly Conroy Handles Asbestos Trust Funds
Since many of the companies that filed for bankruptcy were leaders in the asbestos industry, if you have an asbestos-related injury, it is possible you may have one or more claims against existing or future trusts.
Your trust fund claims are handled separately from your lawsuit against solvent (non-bankrupt) defendants because federal law prohibits asbestos-related lawsuits against the reorganized company or the trust.
Key points about asbestos trust funds:
- Many asbestos companies have filed for bankruptcy protection and reorganized.
- Trusts have been set up for current and future claimants harmed by asbestos exposure.
- You might have multiple bankruptcy claims, depending on your case.
- We have a dedicated bankruptcy department, led by senior attorneys.
- Your attorney will develop a legal strategy that includes bankruptcy claims and all sources of recovery.
Mesothelioma Case Study: How the Asbestos Bankruptcy Claims Process Works
A 75-year-old U.S. Navy Veteran from the Midwest was employed for 14 years as a pipeline inspector in the oil industry. He was diagnosed with pleural mesothelioma and wants to seek justice from the companies that knowingly exposed him to asbestos decades ago.
One of our asbestos attorneys gathers information about his potential mesothelioma claim. He wasn’t sure which products he was exposed to.
Through an in-depth investigation, his legal team identifies multiple asbestos products that caused his exposure during his service in the Navy and subsequent work in the oil industry.
The Midwest Navy veteran or another person with knowledge of the exposure signs affidavits stating he was exposed to asbestos-containing products, including pipes, valves, insulation and other equipment.
Because the veteran was exposed to multiple products, his Simmons Hanly Conroy attorney recommends filing claims with multiple asbestos trust funds. They include the trusts established for each of the companies that manufactured the asbestos-containing products the veteran was exposed to.
Results: The trusts review the veteran’s claims and determine his claims are eligible for compensation.
The Midwest Navy veteran receives a total of $2.4 million from asbestos bankruptcy claims. His legal team also files additional lawsuits against multiple solvent companies in the shipbuilding industry for his Navy exposures. The additional lawsuits bring his total compensation to more than $3 million.
His Asbestos Bankruptcy Claims Payouts
- $63,611 Pipe company trusts
- $280,930 Valves company trusts
- $345,351 Asbestos company trusts
- $1,137,651 Insulation company trusts
- $600,000 Other trusts
Mesothelioma Lawsuit or Mesothelioma Trust Funds?
In some circumstances, claimants may choose to file both a mesothelioma lawsuit and an asbestos trust claim. Talking to an attorney experienced in asbestos litigation can help you understand your legal options and decide which route to take.
Each state has its own laws that dictate when trust claims can be made and how asbestos trust fund compensation affects the determination of lawsuit settlements. Filing a trust fund claim can affect the amount of compensation received from a lawsuit.
It’s also important to remember that asbestos exposure and mesothelioma may be caused by more than one company’s negligence, and all companies should be held responsible.
Work with your mesothelioma lawyer to follow the procedures for filing claims against all negligent parties — those who established asbestos trust funds and those who can still be held responsible in court.
As a leading mesothelioma law firm, Simmons Hanly Conroy has the experience to help you navigate the complicated legal system.
We have a bankruptcy department dedicated to these types of claims and led by senior attorneys who will work with you throughout the asbestos trust fund and lawsuit processes.
Call (800) 326-8900 or get a free legal consultation to learn more.
Mesothelioma Trust Fund List FAQs
Will I need a lawyer to file a mesothelioma trust fund claim?
Understanding how trust funds work, determining which trust funds you can file a claim against, and filing all of the appropriate claims or lawsuits — it can be a lot if it’s not something you’ve devoted your career to. An experienced lawyer for mesothelioma and asbestos cases can handle most of this for you.
As a leading mesothelioma law firm nationwide, Simmons Hanly Conroy can help you with every step of the legal process, fighting on your behalf for the largest compensation payout. Our firm has a dedicated bankruptcy department, led by senior attorneys, to handle these claims.
Your attorney will develop a legal strategy for your case that targets all potential sources of recovery, including bankruptcy claims. Get a free consultation today to see what your legal options may be.
Who is eligible to file an asbestos trust fund claim?
To file an asbestos trust fund claim, you need to show you were:
- Diagnosed with an asbestos-related disease (like mesothelioma, asbestosis, or lung cancer)
- Exposed to a product containing asbestos that was made by a company with an established bankruptcy trust fund
You may also be able to file a claim on behalf of a loved one who passed away from an asbestos-related disease.
Experienced asbestos attorneys can help you prove exposure and determine which trust funds you may be able to file a claim against.
Get a free consultation today to learn what your legal options may be.
Can a family member file an asbestos trust fund claim?
Yes — similar to a wrongful death lawsuit, immediate family members or estate representatives of asbestos victims are able to file asbestos trust fund claims on their loved one’s behalf.
If your loved one was diagnosed with an asbestos-related disease like mesothelioma and has since passed away, you may be eligible to receive compensation from an asbestos trust fund. Get a free legal evaluation today to see if you may have a case.
How many asbestos trusts are there?
Since the 1980s, more than 100 companies have established their own asbestos bankruptcy trusts.
How much money is left in asbestos trust funds?
An estimated $30 billion has been set aside in asbestos and mesothelioma trust funds to pay out current and future claims.
Are asbestos trust fund payouts taxable?
Asbestos trust fund payouts may or may not be subject to taxes. We recommend you consult a tax attorney regarding your specific situation.
How long will it take to receive a mesothelioma trust fund payout?
All cases are different, and how long it takes to receive an asbestos trust fund payout will vary from case to case. Many of our clients start receiving results within 90 days of filing their claim.
What is the average settlement for an asbestos trust fund claim?
It’s difficult to determine an average settlement for asbestos trust fund claims, because every claim is different. There are a number of factors that influence the amounts awarded by the mesothelioma trust funds, and many asbestos victims qualify for compensation from multiple trusts.
If you or your loved one have been diagnosed with an asbestos-related disease, get a free consultation to see how much your claim may be worth.
Is there a statute of limitations on asbestos claims?
Mesothelioma statutes of limitations dictate how long you have to file a claim or lawsuit. It’s imperative to contact an attorney as soon as possible after your mesothelioma diagnosis.
Depending on the state you live in, you may only have a limited time to file a bankruptcy trust claim after your mesothelioma diagnosis. Get a free consultation today to see what legal options are available to you.
Do asbestos trust fund payouts affect mesothelioma VA benefits?
As a U.S. military veteran with mesothelioma, filing an asbestos or mesothelioma trust fund claim does not prohibit you from filing mesothelioma VA claims or receiving VA benefits. Please contact us to discuss your unique situation and options.
We have VA-accredited asbestos attorneys on staff who can answer your questions about your benefits claim for the U.S. Department of Veterans Affairs in addition to filing any asbestos claim(s) you may be able to in your case.
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Reviewed by:John Simmons- Fact-Checked
- Legal Reviewer
John Simmons is a founder and Chairman of Simmons Hanly Conroy. After serving in the U.S. Army, he went on to earn his Doctor of Law degree from Southern Methodist University School of Law. He has helped recover some of the biggest verdicts and settlements in asbestos litigation history and is rated as one of the Top 100 Trial Lawyers.