Asbestos Trust Funds

Asbestos companies were aware of the dangers of asbestos as early as the 1930s, but chose to continue using it because it was cheap and convenient. As large numbers of workers got sick from asbestos exposure, companies began facing legal consequences for their actions. 

Some companies were so overwhelmed by asbestos litigation that they filed for bankruptcy. The courts ordered these companies to establish trust funds to compensate victims as part of the bankruptcy process. 

Trusts allow asbestos-exposure victims to pursue compensation without the stress of a trial and to get paid in as few as 90 days. The U.S. has more than 60 active trusts that have already paid out over $20 billion to eligible claimants and have an estimated $30 billion remaining for current and future needs. 

If you or someone you love has developed mesothelioma, lung cancer, or another asbestos-related illness, our partner firm, Meirowitz & Wasserberg, can help you determine your eligibility for trust fund compensation. Contact our expert team today for a free case evaluation.

Top Asbestos Trust Funds

There are dozens of currently active asbestos trust funds in the U.S., all of which have funds available for eligible claimants. All trust funds are actively managed by a Board of Trustees that regularly votes on important policies, such as the payment percentage. 

The payment percentage dictates how much of your claim’s value you will be paid. For example, a $100,000 claim from a trust with a 25% payment percentage would pay out $25,000. 

Eligible claimants can apply for compensation from multiple trusts. You may also qualify for other forms of compensation. At Meirowitz & Wasserberg, we pride ourselves on helping clients identify and pursue all available compensation options to maximize the final award amount. 

You can use the comparison table below to learn more about some of the top U.S. trust funds.

Asbestos Trust Fund	Year Founded	Funded Amount	Payment Percentage
Johns Manville	1988	$2.5 Billion	5.1%
U.S. Gypsum	2007	$3.9 Billion	11%
Pittsburgh Corning	2017	$3.5 Billion	19%
Owens Corning	2006	$1.6 Billion	3.7% – 4.7%
W.R. Grace & Co.	2014	$3 Billion	30.1%
Babcox & Wilcox	2006	$1.85 Billion	4.7%
Kaiser Aluminum	2006	$1.2 Billion	10.6%
Federal Mogul Corp.	2007	$685 Million	Varies by subfund
Eagle-Picher Corp.	1996	$400 Million	35%
General Motors	2009	$625 Million	10.3%

Eligibility for Asbestos Trust Fund Compensation

Asbestos trust fund claimants must be able to prove their eligibility through medical and exposure-related evidence that ties their illness to a company’s asbestos products or activities.

Some required forms of documentation include, but are not limited to:

• Affidavits
• Diagnosis of a covered asbestos-related disease, such as:
  • Mesothelioma
  • Lung cancer
  • Other cancer
  • Asbestosis
  • Pleural disease
• Medical tests and imagery
• Military service records
• Pay stubs
• Witness statements

Statute of Limitations 

States place a limit on how long asbestos victims have to file a claim. This limit is called the statute of limitations, and once it’s passed, a victim is no longer eligible to seek compensation. 

The statute of limitations ranges from 1 to 6 years, depending on the state, although most states give victims just 2 to 3 years to file, making it critical to act quickly. The clock for filing starts at diagnosis for a personal injury claim or at death for a wrongful death claim.

Asbestos Trust Funds vs. Lawsuit Claims

Asbestos trust funds offer victims a path to compensation that is distinct from filing a lawsuit. Although both lawsuit claims and asbestos trust funds provide victims with critically needed financial support, the path to compensation varies significantly. 

However, your final compensation package may involve money from both trust funds and lawsuits.  

How asbestos trust fund claims and asbestos lawsuit claims measure up:

Asbestos Trust Fund Claims	Asbestos Lawsuit Claims
Purpose: Provide fast, fair compensation for eligible claimants from companies that have declared bankruptcy.	Purpose: Allow claimants to seek compensation for wrongful exposure or death against non-bankrupt active companies.
Timeline: A complete claim can be processed and paid within 90 days.	Timeline: Uncertain. Lawsuits can take years to resolve, particularly if the defendant appeals.
Amount: Trusts have a capped maximum compensation amount.	Amount: There is no cap on compensation in a lawsuit.
Consistency: All claimants who meet the trust’s standards for eligibility are guaranteed payment.	Consistency: A judge or jury decides on the validity of the claim.

The Importance of Hiring Expert Mesothelioma Attorneys

When pursuing compensation from asbestos trust funds, expert assistance can make all the difference. Working with an asbestos litigation specialist who understands how trust funds work and has the expertise, skills, and access to resources you need is critical for maximizing your compensation and ensuring you’re paid as quickly as possible.

Don’t settle for a local personal injury attorney. You and your claim deserve the assistance of a specialized asbestos injury law firm that understands what asbestos-exposure victims need and how to get it quickly.  

Our Expert Mesothelioma Attorneys

Meirowitz & Wasserberg is a national leader in asbestos litigation. Our focus on truth and accountability for negligent asbestos companies has helped thousands of clients get the compensation and justice they deserve. 

Our founding partners, Samuel Meirowitz and Daniel Wasserberg, have decades of experience as relentless advocates for the rights of asbestos victims, helping qualified clients secure millions in compensation.

Our Results:

• $39 million to a Massachusetts couple from talc manufacturer Cimbar Performance Minerals
• $32 million to a woman with mesothelioma from Kraft Heinz Company and Metal Masters
• $28.5 million to a former New York pipefitter exposed to asbestos materials during the construction of the World Trade Center
•  $18 million to a California woman with peritoneal mesothelioma after lifelong talc powder use 
• $5 million to an artist for asbestos exposure from high school ceramics and secondhand exposure from family members working at Eastman Kodak
•  $5 million to a school nurse exposed to asbestos during  her work at a junior high school, as well as during high school art and automotive shop classes

Contact Us To Learn More

When you’re dealing with the costs of an asbestos-related illness, you need the maximum compensation that you’re eligible for, and you need it fast. Meirowitz & Wasserberg specializes in delivering the best possible results to our clients in the least amount of time.

Speak directly with one of our firm’s partners to check your eligibility for trust fund compensation and learn more about the potential value of your claim, for free.