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Typically an asbestos plaintiff is exposed to a mixture of products during a thirty-year career in the building trades. It takes between twenty and fifty years from first exposure to the development of asbestos-caused cancer, so work histories, employment, military and social security records are used to help prove the plaintiff's exposure to various asbestos products throughout his or her career.
Among the countless numbers of asbestos trust funds, seven of them paid $2.4 billion in claims in 2008. Those payments amounted to $600 million in legal fees for the lawyers representing the plaintiffs. Within the asbestos litigation system, advisory committees exist to advocate for payments for plaintiffs.
The bankruptcy was resolved by the formation of the Manville Trust to pay asbestos tort claimants in an orderly fashion by giving the trust the lion's share of the equity in the company. The bankruptcy took over five years to process and resulted in protracted litigation. The Manville Trust is still in operation today. [11] [12]
The superficial logic holds water, but there's always more to the story.
The T&N Subfund of the Federal-Mogul Asbestos Trust [16] was organised to process, liquidate, and pay all valid Asbestos Trust claims for which the T&N Entities have legal responsibility. The trust was created December 27, 2007 as a result of the confirmation of The Federal-Mogul Chapter 11 Joint Plan of Reorganization. [17]
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USG's asbestos personal injury costs (before insurance) rose from $30 million in 1997 to more than $160 million in 2000, and were expected to exceed $275 million in 2001. On February 17, 2006, USG announced a Joint Plan of Reorganization to emerge from bankruptcy. [37] Under the agreement, USG would create a trust to pay asbestos personal ...