What Are Asbestos Trust Funds?
Our asbestos lung cancer lawyers know how to get results from ATFs
Multi-billion-dollar funds are accessible to lung cancer victims who were exposed to asbestos. They’re called Asbestos Trust Funds and if you qualify to file a claim with one or more, the results could be life changing.
The trusts, or ATFs, compensate lung cancer and mesothelioma victims for their losses. They were established in bankruptcy proceedings to ensure that funds would remain available for people who were harmed by asbestos companies that have declared bankruptcy. However, getting the compensation you deserve is not easy.
Don’t try to take on the ATFs alone. For more than 30 years the Ferrell Law Group has helped asbestos lung cancer, mesothelioma, and other asbestos exposure victims, file successful claims with Asbestos Trust Funds. If you were diagnosed with lung cancer due to asbestos exposure, contact us for a free case consultation. A member of our team will listen to the details of your situation and let you know if you have a strong case to file an ATF claim.
7 steps in the Asbestos Trust Fund claim process
Typically, Asbestos Trust Funds are managed by independent trustees who review and pay out claims based on the criteria established for each trust. Every claim is different, but the general process goes something like this:
Step 1. Consult a lawyer. Only an experienced asbestos trust fund attorney can tell you if you have a strong case for financial compensation. At the Ferrell Law Group, we offer free case consultations where we can answer questions and evaluate cases.
Step 2. Meet the criteria. There are more than 60 ATFs in the U.S. Each has its own requirements for a payout. Typically, the requirements are based on when and where you were exposed to asbestos, medical diagnosis, evidence of exposure, and statute of limitations.
Step 3. Collect evidence. ATFs typically require significant evidence before they will consider your claim. Common pieces of evidence to support an asbestos lung cancer claim include medical records, your pathology report, physician statements confirming the lung cancer diagnosis, witness statements (affidavits), employment records, and receipts.
Step 4. Build the case. At the Ferrell Law Group, we use our more than 30 years of legal knowledge to build you a strong evidence-based case that uses the law to your advantage. You are kept informed of what’s happening and are as involved, or not involved, in decision-making as you see fit.
Step 5. File the claim. Your claims will be filed promptly with the bankruptcy trusts. If a claimant has passed away, their spouse and children would be eligible to receive payments for claims made on behalf of the claimant.
Step 6. Trust review. Once your claim has been filed, the trust will review it for eligibility and accuracy. There are two types of review – expedited (considered with a group of claims) and individual. The individual review takes longer but, under the right circumstances, can improve your compensation.
Step 7. Collect compensation. Some trusts may begin making payments within 3-4 months. Payments often continue for a year or more depending on the company involved.
Established Asbestos Trust Funds
Many lung cancer victims qualify to file claims with multiple funds. Here are examples of current ATFs.
- The Babcock & Wilcox Company Asbestos Trust. Established in 2006 with an initial funding of $1.56 billion. There is also a “subfund” that started with $3.42 billion.
- Combustion Engineering 524(g) Asbestos Personal Injury Trust. Established in 2006 with an initial funding of $1.24 billion.
- North American Refractories Company Asbestos Personal Injury Settlement Trust (NARCO). Established in 2013 with $420 million. In 2022, Honeywell entered a “buyout agreement” to add $1.32 billion to the trust. The payment is scheduled to be made upon closing.
- Owens Corning Fiberboard Asbestos Personal Injury Trust. Established in 2006 with an initial funding of $7 billion.
- United States Gypsum Asbestos Personal Injury Settlement Trust. Established in 2006 with an initial funding of $3.96 billion.
Our lawyers make the process of collecting your money easy
Filing a claim with a trust fund is a complex process. You need a fighter in your corner who knows the law and can use it to your advantage. Whatever course of legal action you decide to take, the Ferrell Law Group can aggressively negotiate for your maximum compensation.
If you have been diagnosed with lung cancer due to asbestos exposure, contact us for a free case consultation. At no cost to you, a member of our team can answer your legal questions and listen to the details of your case. We can explain your options and help you decide what to do next. There is no fee and no obligation to hire us, just answers. Contact us today.