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Pluses and Minuses of an Asbestos Trust Fund

When the first mesothelioma and asbestos-related lawsuits were won on behalf ofvictims of asbestos exposure, it opened the doors wide for similar lawsuits to be filed allover the country by thousands of people who had been sickened.

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With juries awarding significant amounts of money to mesothelioma patients, theasbestos companies began looking for a way to minimize their payouts, and began filingfor bankruptcy protection.

Congress and the bankruptcy courts recognized that the cost of litigation and payingout large fees was creating too large a burden for companies to be able to survive, butalso determined that the companies could not escape their responsibility to those theyhad harmed.

If you have been been diagnosed with mesothelioma, contact our law firm today at1-800-706-5606 to discuss your legal options.

Establishing the Trust Fund for Bankruptcy Protection

They set forth that if a company was seeking bankruptcy protection as a result ofasbestos litigation, then an asbestos trust fund had to be established using at least halfof their reorganization value specifically for the payment of asbestos-related claims.

As a result, almost

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fifty companies thathad faced numerouslawsuits formesothelioma andother asbestos-related illnesses haveestablished asbestosfunds over the lastthirty years or so,

and those funds arecurrently valued atapproximately $30billion dollars.Proponents of thefunds say that thereare certain

advantages to simply filing a claim based upon the facts of the case and getting astraight-forward payment:

The companies that are involved are punished, but are still able to operateand are able to budget for the compensation that they are expecting to payout.

The companies that were responsible for the asbestos exposure areconsistently held responsible for paying victims rather than putting themthrough the rigors of having to prove their case in court.

The amount of money that is distributed to victims is equal and predictable,so that mesothelioma victims are all treated equally rather than based uponthe sympathies of a jury or the skill (or lack thereof) of their attorney.

Payments are administered by a committee and staff whose total focus ison making the calculations and paying victims in a reasonable amount oftime. There are no delays; victims get their money in a predictable amountof time.

Disadvantages of the Asbestos Trust Fund1(800)706-5606

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Though there are certainly some advantages to the way that the mesothelioma trustfunds are meant to be operated, there have been some problems with them as well,

and many victims’ rights advocates have expressed some concerns, particularly asCongress is considering mandating a trust fund set up under the FAIR (Fairness inAsbestos Injury Resolution) act. These concerns include:

The amount of money that the companies that have been deemed to beresponsible for asbestos exposure will be required to pay into the funds issupposed to be based upon a reasonable contribution based on theirliability, but the proposals that are being made seem to be dramaticallyunderfunded.If there isn’t enough money set aside, then mesotheliomavictims will be left without compensation.

Because mesothelioma’s incidence is so unpredictable there is no clear wayto assess how many victims are likely to apply to the trust forcompensation.The very first fund that was established by an individualcompany, which was the Johns-Manville case, did not properly estimate howmany claims they would be faced with, and as a result have been unable topay all who they were responsible for making ill.

There are also concerns about who will be eligible to apply for compensationto an asbestos trust fund. The asbestos companies are strongly involved inthe efforts to establish a law governing the FAIR Act,and are insisting thatonly those that have been exposed via their occupation (with a few notableexceptions such as 9/11 victims and Hurricane Katrina victims) be allowedto apply for compensation. This would preclude people who live in homesthat have asbestos lurking in their walls or insulation, as well as manyothers.

Bureaucracy may create a backlog that takes even longer than lawsuits do

At this time, there is approximately $30 billion dollars in the already-established trustfunds, and mesothelioma victims are able to apply to those funds for compensation fortheir expenses and damages.

Contact Danziger & De Llano for Help

If you are not certain as to how to access those funds, need help applying for

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compensation from the trusts, or are not sure as to whether or not you are eligible, theexperienced mesothelioma attorneys at Danziger & De Llano can provide you withanswers and guidance as to what all of your options are,

what to expect, and whether the mesothelioma fund provides the best option for you.We have been working with mesothelioma victims and their families for over twodecades, and are well-equipped to advise you on what to do.

Contact us today at 1-800-706-5606 and set up a Free consultation with ourdedicated mesothelioma lawyers.

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