Mounting Legal Bills Lead Companies to Settle with Mesothelioma Victims
With an estimated 80,000 personal injury claims pending against them from mesothelioma victims and others, and countless more to be filed in the future, asbestos companies Aldrich Pump LLC and Murray Boiler LLC have reached a settlement agreement with plaintiffs’ attorneys. If approved by the bankruptcy courts, the settlement will set aside $545 million for victims and allow the companies to stop defending themselves in court.
Asbestos Bankruptcy Trusts End Legal Battles and Provide Options for Mesothelioma Victims
Many companies accused of negligence by mesothelioma victims and others diagnosed with asbestos-related diseases were forced to file for bankruptcy. The courts required them to establish trust funds that would ensure that their victims would be compensated for their illnesses, and in total these asbestos bankruptcy trusts funds are valued at more than $30 billion.
According to court records, Aldrich Pump and Murray Boiler have paid approximately $100 million per year to defend themselves against mesothelioma claims and claims from other victims of asbestos. The two are each part of Trane Technologies, an Irish-based organization that manufactured asbestos-contaminated parts for equipment. Facing tens of thousands of suits that have already been filed or that may be filed in the future, the companies filed for bankruptcy protection and began negotiating with victims’ representatives to reach a suitable agreement.
Court Approval of Mesothelioma Bankruptcy Settlement Pending
Though the bankruptcy court has not yet approved the agreement, if they do it will create a fund containing an initial lump sum cash payment of $540 million, with $45 million set aside to pay for the trust’s administration and the remainder being set aside to pay claimants. The settlement value of lawsuits that have already been filed has been set at $125 million.
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