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Bankrupt asbestos companies are required to establish mesothelioma trust funds to help the victims of asbestos harmed by the company’s products.
As mesothelioma and asbestos lawsuit filings increased in the late 1900s, many asbestos companies responded by filing bankruptcy. Bankruptcy laws at the time enabled those companies to limit or eradicate any obligations for future personal injury claims like mesothelioma or asbestos lawsuits by forming asbestos trusts. Bankrupt asbestos companies were required to establish mesothelioma trust funds to compensate the victims of asbestos, harmed by the company’s products.
Patients diagnosed with mesothelioma or another asbestos-related disease submit their claims to the asbestos settlement trusts belonging to the bankrupt companies responsible for their asbestos exposure. The asbestos trust would pay those claims. Today, mesothelioma trust funds can decide whether to pay a claim – this decision is made completely separate from the company that created the trust.
If you have been exposed to asbestos and diagnosed with mesothelioma or another asbestos-related disease, you may be eligible to file a mesothelioma lawsuit, but only if the company has not declared bankruptcy and established an asbestos trust. You cannot file a mesothelioma lawsuit against a company that has created a mesothelioma trust fund. If that is the case, you can seek compensation by filing an asbestos trust claim.
In some circumstances, claimants may choose to file both a mesothelioma lawsuit and an asbestos trust claim. Talking to an experienced asbestos attorney can help you understand your options and decide which route to take. Each state has its own laws that dictate when trust claims can be made and how mesothelioma trust fund compensation affects the determination of lawsuit settlements. Filing a trust claim can affect the amount of compensation received from a lawsuit.
It is 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 mesothelioma trust funds, and those who can be held responsible in court.
The mesothelioma lawyers at Simmons Hanly Conroy have the experience to help you navigate the complicated legal system. The best first step is to talk to an attorney. We will work with you throughout the lawsuit process. Contact Us today for a free legal consultation.