Over 30 Billion dollars in trust fund money has been set aside for asbestos victims.
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October 11th, 2007
A New York judge announced this week that a defunct company’s insurance carrier can still be held liable for asbestos lawsuits. The decision allows more than 20,000 individuals to file suit against the insurance company.
The defendants, not plaintiffs, filed an unusual class action suit earlier this year regarding an asbestos trial. Two insurance companies filed the class action, saying that earlier suits exhausted their funds, and that the more than 20,000 plaintiffs should not be allowed to go forward with their cases. A New York judge ruled against the insurance companies, which were being held responsible for claims against a now-dissolved insulation manufacturer. The insurance carriers will not be given clemency, and the trial will move forward.
Many class actions suits involving asbestos exposure occur when multiple victims of asbestos-related diseases lump together against one or more companies for restitution. Asbestos exposure can lead to respiratory diseases, such as emphysema, asbestosis and mesothelioma, after airborne asbestos particles are inhaled. Mesothelioma and asbestosis are directly linked with asbestos exposure, while emphysema can occur for other reasons. Class action suits on the plaintiffs’ behalf often expedite compensation, which is a necessity since many victims, especially with mesothelioma, have only months to live
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