A notice of settlement has been filed by oil and gas company Hess Corporation, ending years of litigation filed by mesothelioma and other asbestos-related disease victims on the island of St. Croix. The company’s payment relates to negligence claims against its bankrupt unit HONX, which operated a refinery on the island from 1965 to 1998.
St. Croix Mesothelioma Victims to Receive Compensation from Oil Company
The long-running asbestos claims were filed by 911 victims of malignant pleural mesothelioma and other asbestos-related diseases who claim they were sickened by the toxic material present at the Limetree Bay oil refinery on the island of St. Croix in the U.S. Virgin Islands.
The 911 mesothelioma and asbestos claims were only the latest filed against HONX and Hess; together the two have been sued over 1,500 times since 1987, and roughly 1,100 settlement agreements have been reached. But in May, HONX filed a Chapter 11 plan that saw HONX and its parent company agreeing to fund a trust that would address the outstanding claims and at the same time provide them with immunity from future claims.
$187 Million Will End Asbestos Claims Against St. Croix Mesothelioma Victims
The final settlement agreement will see a total of $105 million funding an asbestos trust to which the 911 mesothelioma and other victims can apply for compensation. Another $45 million will be set aside for any claims that will be filed in the future by those who have not yet been diagnosed with the asbestos-related disease.
Beyond these funds, the companies have pledged to make contributions of no more than $37 million over the next 25 years that will fund additional future claims should the amount already placed in the trust for victims be insufficient, of which $11.5 million is specifically reserved for mesothelioma claims.
If you or someone you love has been diagnosed with malignant pleural mesothelioma or any other asbestos-related diseases, you may be eligible to seek compensation from those responsible. For more information, contact us today at 1-800-692-8608.FREE Mesothelioma Packet