Mesothelioma Cancer Trust Funds
Trust funds available to people living with malignant and non-malignant forms of mesothelioma and asbestos-related health conditions could be the answer to high medical bills, legal expenses and financial strain. For the past 35 years, government officials and corporations have been trying to establish a single government-administered trust fund to help compensate workers exposed to asbestos on the job. In 2005, Pennsylvania Senator Arlen Specter helped create the Fairness in Asbestos Injury Resolution Act or FAIR bill. This wasn't the first time a bill to establish a trust fund for asbestos victims was discussed by congress. Since the late 1970s, there has been a continual struggle between Congress, corporations, mesothelioma patient advocates and trial attorneys on deciding what is best for the nation and those who suffer from mesothelioma.
There are currently 56 trust funds available for people who suffered physical injuries from asbestos exposure. These trust funds contain large amounts of equity contributed from insurance companies as well as the corporations that sold products made from asbestos. Over the past three decades, these personal injury trust funds have issued compensation for nearly three million claims. The largest trust funds have paid more than $10 billion to people exposed to asbestos. The purpose of these trust funds is to limit the number of lawsuits in the court system and help create parity between the settlements victims receive. For people with mesothelioma, seeking compensation from an available trust fund can lower the amount spent on attorney's fees and help individuals receive compensation quickly.
Mesothelioma Litigation
Moving toward a system centered on trust funds has benefits and drawbacks for all the parties involved. Since Senator Specter introduced the FAIR bill in 2005, no changes have been made. Although Congress has never come close to agreeing on a solution, the Congressional Budgeting Office did provide an estimate on the cost, budget and investment strategy of operating and maintaining an asbestos trust with a five-year operating budget of $140 billion. In fact, the U.S. Treasury has maintained a limited Asbestos Trust Fund since 1987. Current plans for a national trust fund expected half of claims to be settled by 2015 with the other half occurring within 30 years. The concept for a national mesothelioma and asbestos trust fund would also help control rampant bankruptcies related to asbestos lawsuits. More than 70 American companies have gone bankrupt and contributed half of their remaining assets to asbestos trust funds. These bankruptcies hurt victims, and they also cost many their jobs.
If the government created a national asbestos trust fund, all of the existing asbestos trust funds would be consolidated. Private mesothelioma trust funds established by individuals and philanthropists have helped fund innovative research into the development of new treatment methods. With the government administering a mesothelioma trust fund, unimpaired individuals that can prove occupational asbestos exposure may receive anywhere from $3,000 to $50,000. The government would also establish a National Mesothelioma Research and Treatment Program and create a Center for Mesothelioma Education to promote awareness and provide assistance.
The FAIR Bill and Mesothelioma
Proponents of the FAIR bill were ready to implement the plan in 2006, but there are no signs of the bill making it out of Congress. Until a national asbestos trust fund is available, people who are suffering from the effects of asbestos exposure must file a lawsuit or make a claim through one of the 56 existing asbestos trust funds. Responsible for manufacturing asbestos board, asbestos-cement and dangerous building materials, Johns-Manville declared bankruptcy in 1982 after the first wave of mesothelioma lawsuits. In 1988, the company diverted a large amount of their assets into a trust fund to pay for future claims. The Johns-Manville asbestos trust fund has become infamous for its shortcomings, which include gross underestimations in the number of claims. Due to these failures, claimants received less than 10% of the compensation outlined in the original schedule. Despite the obvious failings of the Johns-Manville trust, it has become a national model in creating an effective and beneficial asbestos trust fund for the public.
Under the current system, claimants must locate an available trust fund created by an insurance company, corporation or manufacturer. To receive compensation, claimants must prove they were exposed to asbestos in their occupation. Requirements vary for those employed before 1970 and those working after 1976 when restrictions and bans on the mineral were in place. To learn more about receiving compensation, locating trust funds and obtaining medical care, sign up for your free mesothelioma information kit today.