Posted by TotalInjury.com Staff Writer | Posted in Personal Injury Cases in the News
The trust is one of the largest ever established for asbestos related claims. By establishing the trust and limiting the amount the company must pay out to claimants, Owens Corning is actually able to emerge from the bankruptcy it filed in 2000.
The trust establishes set amounts to pay victims based on the severity of their asbestos related disease. The compensation amounts range from $240 to $420,000. Many victims may receive less of a settlement than if they sued Owens directly, but the claims can be handled more quickly and equitably without overtaxing the court system.
Three trustees will manage the trust in order to process an estimated 850,000 claims stemming from asbestos product exposure during the 1940’s through the 1970’s.
