Understanding Navy Mesothelioma Trust Funds
Over the next several weeks, we’ll continue to explore some of the key topics of interest for veterans of the military regarding exposure to asbestos and the possible consequences to their health and finances that can result from the exposure.
Veterans at risk for potentially fatal levels of asbestos exposure typically are those who served between the years of the First World War and Vietnam. Those individuals were not made aware of the risks to their well being at their time of service, and some may not even be aware of them now. The purpose of these next several articles is to educate and inform those who may have been affected by toxic levels of asbestos about their medical, legal and financial options in the years following exposure.
More information about the risks and consequences of asbestos exposure for veterans of the U.S. Military, including a free consultation of your possible case against those responsible for exposing you to a known dangerous carcinogen, you can contact Shrader Law and Associates, LLP directly anytime of the day TOLL-FREE at 1-877-637-6347.
PART XIII: UNDERSTANDING NAVY MESOTHELIOMA TRUST FUNDS
For former servicemen (and women) of the U.S. Navy, mesothelioma has become a serious and highly prevalent danger. Despite the cancer’s overall rarity that affects around 3000 Americans each year, close to a third of those victims are navy vets. This exceedingly high number is the result of heavy navy asbestos usage in shipbuilding between the 1930s and 1970s. There is compensation available, however, for the thousands of U.S. Navy Veterans affected by mesothelioma and other asbestos related conditions. Frequently, this compensation comes in the form of asbestos trust funds.
What Are Asbestos Trusts and How Do They Work?
During the peak of mesothelioma litigation activity, beginning in the 1990s, most companies on the receiving end of exposure-related personal injury suits ended up filing for bankruptcy. Tapped out of funds to pay legal expenses and victim settlements or trial awards, these businesses, mostly manufacturers and distributors of asbestos-made products, appealed to the court system and shut down operations quickly.
Though granted bankruptcy, however, these once thriving corporations were required, as outlined in U.S. Bankruptcy Code Section 524(g), to undergo financial reorganization that would allow for asset liquidation to fund designated trusts. These trust funds were then reserved for compensating current and future victims of negligent asbestos exposure for which the business was found liable.
Seeking Compensation from a Navy Mesothelioma Trust
Veteran victims of military-linked exposure are entitled to funds established by the companies that once made, supplied and installed asbestos-containing materials aboard navy ships. In order to receive these funds, it is necessary to file a claim within the court system, though most claims against defendants with established trusts ultimately end up settling before ever making it to trial.