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Kaiser Gypsum to set up trust fund to handle pending asbestos claims

A North Carolina company facing thousands of asbestos-related lawsuits recently decided to create a “trust fund” to help them settle all pending claims, a report of mesothelioma.com said on October 4.

Reports said Kaiser Gypsum, Inc., filed for Chapter 11 Bankruptcy on September 30 in a federal court so they could eventually address the estimated 14,000 lawsuits filed against them by asbestos victims in the past years. The company, known for manufacturing various construction materials, was using “chrysotile asbestos” due to its effectiveness in strengthening their products. Since the 1970’s, there were over 38,000 lawsuits filed against Kaiser by people made ill as a result of asbestos exposure. As part of the bankruptcy, the company is expected to undergo reorganization by creating a “trust fund” for all the pending lawsuits. The company lost hundreds of millions worth of asbestos settlement, reports also said.

Asbestos exposure could result in fatal respiratory illnesses such as asbestosis and mesothelioma. If you accidentally inhaled asbestos, a legal counsel could help you figure out if can receive compensations you need for treatment. Simply fill out the contact form on the top of this page today to get in touch with a lawyer.

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