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Asbestos bankruptcy trusts are trusts established by firms that have filed for reorganization under Chapter 11 of the United States Bankruptcy Code to pay personal injury claims caused by exposure to asbestos. At least 56 such trusts were established from the mid-1970s to 2011.
The Furthering Asbestos Claim Transparency (FACT) Act of 2015 (old bill number- H.R. 526, now Section 3 of H.R. 1927) is a bill introduced in the U.S. House of Representatives by Congressman Blake Farenthold that would require asbestos trusts in the United States to file quarterly reports about the payouts they make and personal information on the victims who receive them in a publicly ...
Asbestos litigation is the longest, most expensive mass tort in U.S. history, involving more than 8,000 defendants and 700,000 claimants. [1] By the early 1990s, "more than half of the 25 largest asbestos manufacturers in the US, including Amatex, Carey-Canada, Celotex, Eagle-Picher, Forty-Eight Insulations, Manville Corporation, National Gypsum, Standard Insulation, Unarco, and UNR Industries ...
In 1943, Johns-Manville suppressed a report confirming the link between asbestos and cancer. During the 1960s, 1970s and 1980s, the company faced thousands of individual and class action lawsuits based on asbestos-related injuries such as asbestosis, lung cancer and malignant mesothelioma. Many new settlements included offering $600 for ...
Mine owner W.R. Grace filed for bankruptcy in 2001 and paid $1.8 billion into an asbestos trust fund to settle future cases. It paid about $270 million to government agencies for environmental ...
In February 2023, planning checks revealed “high-risk” contamination across the site and a further review concluded the “primary contamination risk was from asbestos-containing materials in ...
Weitz & Luxenberg is the largest law firm of its kind in New York State. Overall, the firm has won over $27 billion in verdicts and settlements from lawsuits. [1] The firm has 84 associate lawyers and 3 partners, with offices in Los Angeles, New York City, and Cherry Hill, New Jersey.
In places such as India, however, there continues to be a high use of friable or dust-based asbestos in compressed asbestos fiber (CAF) gaskets, ropes, cloth, gland packings, millboards, insulation, brake liners, and other products which are being exported without adequate knowledge and information to the other countries. Asbestos use is ...