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The ASARCO asbestos trust, formally known as the ASARCO Asbestos Personal Injury Settlement, was established in 2009 for the purpose of paying personal injury claims to those who have developed an asbestos-related disease.
When it comes to the ASARCO asbestos trust, all claims must be filed prior to the statute of limitations for the trust passing. There are different levels that claims are categorized into depending on the type of asbestos related disease.
All claimants who pursue a claim with the ASARCO asbestos trust must provide medical records that prove that they have been diagnosed with one of the asbestos-related diseases named above. Additionally, there must be proof that ASARCO products exposed them to asbestos. If a claim is being filed on behalf of a loved one who has passed away a death certificate must be provided.
There are two different ways that an unliquidated asbestos personal injury can be reviewed; expedited or individual review. Under an Expedited Review the trust itself determines whether the claim meets the criteria for one of the disease levels, then notifies the person making the claim of what it determines. Under an Individual Review, an individual review and consideration of the claim is made. This tends to take longer than an Expedited Review. Under an Expedited Review there are certain criteria that are put in place for each disease level. For example someone with mesothelioma (Level VIII) would be placed at a value of $170,000 if there is the necessary medical/exposure criteria history. (The payment percentage is currently at 35%.)
ASARCO was founded in 1899. ASARCO stands for the American Smelting and Refining Company. By the 1950s the company was taking part in asbestos mining and by the 1960s, it entered the asbestos pipe manufacturing business. Before filing for bankruptcy protection, the company faced over 100,000 personal injury lawsuits. Since the ASARCO asbestos trust was established, the trust has paid over 473,000 personal injury claims to claimants.
ASARCO had a mine in Canada that produced asbestos fibers which were then sold to its subsidiaries along with hundreds of asbestos manufacturing companies throughout the United States. Some well-known companies that ASARCO sold this carcinogen to are:
If you or a loved one worked for ASARCO or with products that they sold that contained asbestos and have developed an asbestos-related disease, let us help you file a claim with the ASARCO asbestos trust. Our team of Trust Claims specialists knows the ins and outs of how asbestos trusts work and we are here to help.
There are many companies, like ASARCO, who have put money into an asbestos trust fund to avoid being sued by those who they negligently exposed to asbestos who developed an asbestos-related disease later in life. Currently, there are more than 60 companies who have contributed to trust funds and there is over $30 billion available. There are no guarantees that a trust will pay just because a claim is filed. For more information on asbestos trust funds, visit our Trust Fund page.
For more information about the process of filing a claim with ASARCO or any other trust, please call us at (800) 505-6000 or fill out our contact form. We are here to help.
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