Like many other companies whose products contained asbestos, Aldrich Pump LLC and Murray Boiler LLC have faced tens of thousands of personal injury lawsuits filed by victims of malignant mesothelioma and other asbestos-related diseases. After paying approximately $100 million per year to defend and settle these claims, the companies have agreed to a $545 million settlement as part of a bankruptcy protection filing.
Asbestos Bankruptcy Settlements Pay Victims and Allow Companies to Move Forward
Asbestos trust funds have been required of most companies that have filed for bankruptcy protection from workers diagnosed with diseases like mesothelioma and asbestosis. The trusts ensure that the victims who they negligently exposed to the toxic material are able to receive compensation for their illnesses while protecting the companies from future lawsuits.
Aldrich Pump and Murray Boiler are both U.S.-based units of Ireland’s Trane Technologies that made equipment requiring asbestos-contaminated parts. Exposure to the asbestos in these parts led to countless cases of mesothelioma and other asbestos-related diseases, and after years of paying for litigation and the resolution of victims’ claims, the companies filed for Chapter 11 bankruptcy protection.
Representative of Mesothelioma Victims Instrumental in Settlement Negotiations
The proposed settlement, which has not yet been approved by the U.S. bankruptcy court, was negotiated with representatives for those likely to be diagnosed with malignant mesothelioma or other illnesses based on their history of exposure to the companies’ products. Of the $540 million initial lump sum cash payment, $45 million will pay administrative costs and the balance will pay both current and future asbestos claims. There are currently an estimated 80,000 claims, for which $125 million has been allocated.
If you or someone you love has been diagnosed with malignant mesothelioma or another asbestos-related disease, you may be entitled to compensation from an asbestos bankruptcy trust. For information, contact the Patient Advocates at Mesothelioma.net today at 1-800-692-8608.