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An asbestos trust fund is an amount of money set aside by a company to compensate those who have developed asbestos-related diseases as a result of prolonged asbestos exposure. An asbestos trust is established when a company files for bankruptcy and has an established fund for claimants.
Created in 2016, this trust has $3.5 billion available for victims of asbestos exposure. The Pittsburgh Corning Corporation used to manufacture two types of glass. The company used asbestos heavily in their manufacturing process. When exposed employees began to sue the company for their mesothelioma and other asbestos-related diseases, the company had to reorganize.
After reorganizing, the Pittsburgh Corning Corporation formed a trust to pay settlements to these victims.
Eligibility is determined on a case-by-case basis. These trusts are difficult to navigate if you are unfamiliar with the claims process. A dedicated mesothelioma and asbestos litigation law firm will have specialists who can help you through filing a claim and receiving fair compensation. Working with a legal team that is experienced in asbestos claims can also help you receive a larger compensation package, as they can determine what other trusts you may be eligible for.
If you or a loved one has been diagnosed with mesothelioma, you may be eligible for financial compensation. An experienced team of legal representatives who are well versed in the claims filing process can help get you the maximum compensation you are eligible for. Call (800) 505-6000 or fill out our form for more information.