What Are Mesothelioma Trust Funds?
Mesothelioma trust funds are special funds set up by companies that manufactured and sold asbestos products. The funds are designed to compensate mesothelioma victims who were exposed to asbestos.
How Do The Funds Work?
The companies that start these funds put money into them, often a lot of money. Victims of mesothelioma can then apply to the funds for compensation. Usually, the funds are set up so people who qualify don’t have to go through a lengthy legal process to get money.
- To qualify, you typically have to show documentation proving you were exposed to the company’s asbestos products. This could include work records, medical records, or product records.
- The amount of money in the funds varies but can be substantial. Some funds have paid out over $1 billion total to mesothelioma victims and their families.
- The funds aim to compensate people quickly and fairly. The process is usually simpler than going through a lawsuit. Many people are able to get money from these funds within a year of applying.
Why Were The Funds Set Up?
These funds were established by companies in response to the many lawsuits filed against them by mesothelioma victims.
The funds allowed companies to settle many claims at once and avoid lengthy, expensive court trials. For victims and their families, the funds provide much needed financial assistance to deal with medical bills and other expenses.
The bottom line is that mesothelioma trust funds can be a good option if you were exposed to asbestos from a particular company’s products.
Be sure to explore your options and apply to any funds you may qualify for. The money from these funds can make a meaningful difference during an extremely difficult time.
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How to File a Claim With a Mesothelioma Trust Fund
To file a claim with a mesothelioma trust fund, there are a few steps you’ll need to take. First, determine which trusts you may be eligible for based on where your asbestos exposure occurred.
Many trusts are set up by companies that historically used asbestos. You’ll need evidence of your diagnosis and work history to prove your eligibility.
Next, complete the necessary paperwork for each trust. This usually includes a claim form, disclosure of work sites and exposure, and an authorization to release medical records.
Submit your claim forms and supporting documents to each trust fund. This can be done by mail, fax, or online through the trust’s portal.
After submitting, the trust will review your claim. This can take several months as they verify all details. You may receive follow up requests for additional records or information.
Be prepared to provide any extra documentation needed to support your case.
If approved, the trust will issue a settlement offer for a specific amount. You can choose to accept the offer, negotiate a higher amount, or proceed to litigation to pursue a larger settlement through the court system.
The process of filing trust fund claims and obtaining settlements can take time and patience. However, the payouts provided by these funds aim to help mesothelioma patients and their families cover costly medical expenses and other financial hardships caused by this disease.
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The Top Mesothelioma Trust Funds
There are currently over 60 mesothelioma trust funds established in the U.S. to help compensate mesothelioma victims and their loved ones.
The largest trusts were set up by companies that frequently used asbestos in their products and are liable for exposing workers and the public.
The top mesothelioma trust funds include:
1. Johns Manville Trust
Johns Manville, a building products manufacturer, established the first mesothelioma trust fund in 1988. It has paid out over $4 billion to asbestos claimants and has over $2 billion in remaining assets.
2. Asbestos Settlement Trust
This trust was established in 2007 by building materials supplier GAF Corporation to handle current and future asbestos claims. It has over $770 million to pay qualifying claimants.
3. CertainTeed Corporation Asbestos Trust
CertainTeed, a building products manufacturer, set up this trust in 2017 with $650 million to compensate people with asbestos-related diseases, including mesothelioma, caused by exposure to their products.
4. Celotex Asbestos Settlement Trust
The Celotex Corporation produced asbestos products for decades before establishing this trust in 1990. It has paid over $1.4 billion in claims and still has substantial assets to continue compensating victims.
5. Armstrong World Industries Asbestos Trust
Flooring manufacturer Armstrong set up this trust in 2006 with $1.2 billion in funding to settle current and future asbestos claims related to exposure from their products.
6. Congoleum Plan Trust
Congoleum Corporation produced asbestos-containing flooring products and established this trust in 2010 with $400 million to pay asbestos claims, including those related to mesothelioma.
Conclusion
Filing a claim with one or more of these well-funded mesothelioma trust funds can help cover medical bills, lost wages, pain and suffering, and other expenses related to your asbestos-related disease. The process to file a trust fund claim is usually faster and less complicated than pursuing a lawsuit.