If you used to work for a company that later disclosed that it exposed its workers to asbestos, you may be in a position to make a claim. If you develop an asbestos-related illness, you may be concerned that you won’t be able to claim, though, because the company is no longer operating.
The good news is that many companies did create mesothelioma and asbestos trusts and settlements. Many companies that found that they would have large numbers of potential claims set up trusts for victims before filing for bankruptcy, so that those victims would have the option of pursuing compensation until the trust has been emptied.
The number of claims for asbestos-related illnesses rose significantly between the 1970s and the 2000s, which resulted in thousands of claims against companies for knowingly exposing their workers to asbestos.
How do you know if you can file a claim through a trust? What is the purpose of a trust rather than pursuing a lawsuit?
To start with, if you have developed mesothelioma that can be linked to your past employment, or if you have an asbestos-related illness related to past exposure on the job, then you can make a claim. Whether you decide to make a claim or file a lawsuit will depend on if a business is still open and if a trust has been established.
If the company is still open, then you may determine that you can file a lawsuit against it for compensation. On the other hand, a closed company may have a trust that you can make a claim against.
In those trusts, how much compensation you receive may depend on factors such as how much money remains in the trust and how serious your illness is.
To find out if a company has a trust for workers who have developed mesothelioma, asbestosis or other asbestos-related illnesses, you can search online or talk with your attorney about trusts that are currently available. Your attorney can help you make the claim using your medical information to help you get the best compensation through the trust fund when one is available.