What Are Asbestos Trust Funds & Are You Eligible?

Jan 28, 2021 Asbestos

Posted by: Kisling, Nestico & Redick, LLC

Ohio sees an average of 145 new mesothelioma cases each year, according to the Ohio Department of Health. That is higher than the national average for this devastating form of cancer.

The saddest part is that these deaths were preventable. Mesothelioma is primarily caused by exposure to asbestos. Those who worked in construction, manufacturing, power generation, oil, and even the military might have been exposed to this mineral and often are diagnosed with mesothelioma years later.

It was not long after people connected asbestos exposure and mesothelioma before the Ohio court system was packed with mesothelioma victims’ lawsuits. Sadly, many were destined to fall flat because the negligent companies had already filed for Chapter 11 bankruptcy.

Legislators came up with a possible solution: Asbestos trust funds. If you or a loved one were recently diagnosed with mesothelioma or have any questions about compensation, reach out to the experienced Ohio mesothelioma attorneys at Kisling, Nestico & Redick.

Free consultations are available at 1-800-HURT-NOW, and there’s no cost unless you recover compensation.

Asbestos Trust Funds 101

Asbestos trust funds are meant to provide compensation to victims of asbestos-related mesothelioma. These funds are funded by companies that negligently exposed employees to asbestos and then filed for Chapter 11 bankruptcy.

Limiting Active Asbestos Claims in the Court System

Victims of any asbestos-related disease may want to file a court claim against the company that exposed them. But if everyone who worked for the Owens Corning Corporation, for example, filed the same lawsuit, these claims would be tied up in the courts for years.

To prevent this, legislators established a trust system that allowed them to fund trusts for mesothelioma victims after filing for Chapter 11 bankruptcy. Keeping with the example above, Toledo-based Owens Corning established the Owens Corning Corporation Trust in 2006. The initial assets of this trust were estimated to be $3.6 billion.

Providing Recourse for Mesothelioma Victims

Now, victims who worked for Owens Corning and similar companies can file their case with this trust to receive the compensation, bypassing the court system entirely. With a compelling claim, these victims can recover compensation to cover their medical bills and other damages that have resulted from their asbestos exposure.

Eligibility for Asbestos Trust Funds in Ohio

The eligibility requirements for asbestos trust funds in Ohio are relatively simple:

  • You developed mesothelioma or another illness related to asbestos exposure
  • Your employer exposed you to asbestos
  • You used products that contained asbestos

Also, family members of those who have died of an asbestos-related illness may be able to file a claim for compensation with an asbestos trust fund.

Unfortunately, even though these funds are meant to compensate victims, various rules and complications can keep you from getting the full compensation you deserve. But a trusted attorney can help.

How an Asbestos Lawyer Can Help

If you already know you need to file a claim with an asbestos trust fund to recover compensation, why work with a lawyer? Because even a small mistake could reduce the amount of compensation you receive. And when you have a severe illness like mesothelioma, you need every cent.

A qualified attorney can help you navigate each trust fund’s statute of limitations, rules, and requirements. We can also help you quantify the financial value of the harms you have suffered so you can request the maximum available amount. Additionally, if you experience any complications as you pursue what you are owed, we can fight on your behalf.

Are you interested in getting started? Contact the trusted Ohio asbestos and mesothelioma lawyers at Kisling, Nestico & Redick as soon as you can. Give us a call at 1-800-HURT-NOW or contact us online.