Mesothelioma, a rare and aggressive form of cancer caused by asbestos exposure, continues to affect thousands of individuals across the United States, including Pennsylvania. As victims struggle with the physical, emotional, and financial toll of this devastating disease, various trust funds have been established to provide much-needed compensation and support. In this article, we will explore trust funds available to mesothelioma victims in Pennsylvania, focusing on recent developments and examples of specific funds.
The Impact of Mesothelioma in Pennsylvania
Pennsylvania, known for its industrial heritage, has unfortunately witnessed numerous cases of mesothelioma due to the widespread use of asbestos in various industries such as mining, manufacturing, construction, and shipbuilding. The latency period for mesothelioma can range from 20 to 50 years, making it a challenging condition to diagnose and treat effectively.
Recognizing the immense burden faced by mesothelioma victims and their families, legal actions and subsequent trust funds have been established to provide compensation for those affected by asbestos-related diseases.
Trust Funds: An Overview
Trust funds are financial resources set up by companies and manufacturers that have faced asbestos-related litigation. These funds serve as a means to compensate victims without pursuing lengthy legal battles, enabling victims to receive compensation more quickly. Trust funds are typically established through bankruptcy proceedings, where companies seek to resolve their asbestos liabilities.
Pennsylvania-Specific Trust Funds
Owens Corning/Fibreboard Asbestos Personal Injury Trust:
Owens Corning, a prominent insulation manufacturer, established this trust in 2006. It is responsible for compensating victims of asbestos-related diseases caused by Owens Corning and its subsidiary, Fibreboard Corporation. The trust provides fair compensation based on various factors, including the severity of the illness and the claimant’s exposure history.
Babcock & Wilcox Asbestos Trust:
Babcock & Wilcox, a manufacturer of boilers and other industrial equipment, established its trust in 2006 as part of the company’s bankruptcy proceedings. This trust provides compensation to individuals suffering from asbestos-related diseases due to exposure to Babcock & Wilcox products or facilities.
Combustion Engineering Asbestos Personal Injury Trust:
Combustion Engineering, a company specializing in industrial equipment and energy solutions, established its trust in 2006. The trust compensates individuals affected by asbestos exposure from Combustion Engineering products or facilities.
Recent Developments and Challenges
In recent years, some trust funds have faced challenges due to increased claims and evolving legal landscapes. Asbestos-related litigation and trust fund filings have continued to rise, as the true extent of asbestos exposure and related illnesses becomes more apparent. The courts have become more stringent in evaluating claims, ensuring the validity of each case while maintaining fairness in the compensation process.
Furthermore, the Trust Transparency Act of 2020, passed by the U.S. Congress, aims to enhance the transparency of asbestos bankruptcy trust funds. The act requires trust funds to disclose information about claims made, compensation distributed, and other relevant details. This legislation seeks to protect victims’ rights and ensure that funds are adequately managed and distributed.
Conclusion
For mesothelioma victims in Pennsylvania, trust funds represent a vital avenue for obtaining financial compensation and support. These funds have been established to streamline the claims process, offering victims a quicker and more accessible route to seek the compensation they deserve. The aforementioned examples, such as the Owens Corning/Fibreboard Asbestos Personal Injury Trust, Babcock & Wilcox Asbestos Trust, and Combustion Engineering Asbestos Personal Injury Trust, are among the many options available for individuals affected by asbestos-related diseases.
While trust funds provide essential financial relief, it is crucial for victims to consult with experienced legal professionals specializing in asbestos litigation to ensure their rights are protected throughout the claims process. By staying informed and accessing the appropriate resources, mesothelioma victims in Pennsylvania can navigate the complexities of trust fund claims and secure the compensation they need to cope with the physical, emotional, and financial challenges posed by this devastating disease.
Sources:
https://www.mesotheliomafund.com/asbestos-trusts/owens-corning/
https://www.mesotheliomafund.com/asbestos-trusts/babcock-and-wilcox/
https://www.mesotheliomafund.com/asbestos-trusts/combustion-engineering/
Don’t Wait—Contact an Experienced Pennsylvania Mesothelioma Attorney Today!
Now that you know the mesothelioma statute of limitations in Pennsylvania, contact an experienced attorney from our firm to represent your case before time runs out.
At Halpern Law Firm, we help clients throughout Pennsylvania, with offices in Philadelphia, Pittsburgh, Allentown, Scranton and Johnstown. Call us today for a free consultation at (800) 505-6000.
