Our mesothelioma lawyers have an established history of working closely with asbestos bankruptcy trusts. In fact, our firm has even helped to create and manage certain trusts.
Many companies that made (or continue to make) asbestos-containing products chose to file for bankruptcy to help avoid corporate liability for patients’ legal claims. Some companies truly went bankrupt. But other companies, such as Halliburton, remain viable companies today and merely used bankruptcy proceedings as a shield from future claims. It may seem hard to believe, but declaring bankruptcy actually allowed for some companies to minimize their liability.
Our firm stepped in to ensure that, wherever possible, asbestos bankruptcy trust funds were created to compensate the asbestos patients harmed by exposure to a companies’ asbestos products. Creating up these trusts required a significant number of hours of in-depth negotiation and high-level experience that few other law firms have. Despite this level of work, we were proud to be part of this important process.
In 2002, firm founder and current managing director, Russell Budd led the negotiations surrounding the creation of the $4 billion Halliburton national asbestos bankruptcy trust fund. The agreement our firm reached with Halliburton ultimately created the largest asbestos trust fund of its kind anywhere in the world. This fund is now accessible to asbestos patients throughout the country, not only our firm’s clients, and, over more than a decade, has provided important financial assistance to mesothelioma patients and their families. Our firm was not compensated for the additional work that went into settling up this trust fund.
Learn more about how asbestos bankruptcy trusts work here.
Today, our firm’s mesothelioma lawyers serve on numerous Asbestos Trust Advisory Committees and actively work to protect the rights of anyone harmed by companies that have set up trusts. A partial list of the committees we sit on is below.
- Armstrong World Industries
- Babcock and Wilcox
- Combustion Engineering
- Federal Mogul
- Fuller Austin
- G-1 Holdings, Inc.
- JT Thorpe Co.
- Owens-Corning Fibreboard
- Swan Transportation
- United States Gypsum (USG)