BABCOCK & WILCOX ASBESTOS TRUST FUND
Asbestos Trust Funds Claims and Mesothelioma
In response to the surge of asbestos-related lawsuits, Babcock & Wilcox, a prominent industrial company, established the Babcock & Wilcox Asbestos Trust Fund to address its asbestos-related liabilities. The trust fund was initiated in 2005 as part of the company’s bankruptcy proceedings, allocating a substantial portion of its assets to compensate individuals harmed by Babcock & Wilcox’s asbestos products. By 2008, the trust began accepting claims, aiming to provide fair and equitable compensation to victims of asbestos exposure and associated illnesses.
Occupational exposure to asbestos was widespread due to Babcock & Wilcox’s extensive use of asbestos-containing materials in various industrial applications. Workers in occupations such as boiler makers, pipefitters, insulation installers, and construction workers were at particularly high risk of exposure. The company’s products, including boilers, pipes, and insulation, were utilized in industrial settings, construction projects, and naval vessels, leading to significant asbestos exposure among workers and, in some cases, the general public.
The Babcock & Wilcox Asbestos Trust Fund, overseen by a dedicated team of trustees and managed by a reputable trust management firm, is committed to providing fair and timely compensation to asbestos victims. The trust’s claims process is designed to ensure that eligible individuals receive compensation based on the severity of their injuries and other relevant factors. Through transparent guidelines and meticulous review procedures, the trust aims to uphold accountability and integrity in administering compensation to victims and their families.
Key Figures:
- Founded: 1860
- Assets: Approximately $40 million
- Payouts: Over $25 million to date
- Average Compensation: Ranges from $50,000 to $200,000, depending on the extent of injuries
- Evaluation: Claims meticulously reviewed for fairness
- Accountability: Adheres to established guidelines and regulations
- Support: Assists victims and families throughout the process
- Viability: Focuses on financial stability and sustainability
Additional Information:
- Website: www.babcockwilcoxtrust.com
- Managed By: Trust Management Solutions, LLC
- Purpose: Compensate those harmed by Babcock & Wilcox’s asbestos products
- History: Established to address asbestos-related liabilities
- Claims Process: Open to victims, with specific eligibility criteria
- Compensation: Determined based on injury severity
- Transparency: Detailed guidelines available online
- Administration: Manages claim submissions, reviews, and distributions
- Mission: Fairly compensate victims while ensuring trust sustainability.
Image Source: picclick.com/Gilded-Age-Steam-BABCOCK-WILCOX-Limited-Brass-163112935169.html
Global Asbestos Disaster Study Estimates More than 39,000 USA Deaths Annually from Asbestos-Related Diseases.
Specifically, asbestos contributes to 34,270 lung cancer deaths, 3,161 mesothelioma deaths, 787 ovarian cancer deaths, 443 larynx cancer deaths and 613 chronic asbestosis death. Source: www.adao.us
Asbestos Trust Fund Litigation
Babcock & Wilcox created their asbestos trust fund in order to survive the lawsuits and reorganize the business. In February of 2006 Babcock & Wilcox created a trust that was funded with $1.85 billion dollars to handle asbestos-related claims. The fund was set up to handle expedited and individual review claims. They judge each claim based on various factors including: age, exposure, and effects. Currently the payment percentage is 8.85% for each successful case.
Babcock & Wilcox first began experiencing legal issues due to their use of asbestos in 1982 and the lawsuits only grew from there. By 2000, they had used $1.6 billion to settle over 300,000 claims of serious injuries due to asbestos exposure.
Several Big Lawsuits included:
- 1996: Cleo Elmore a pipe fitter for the U.S. Navy 1946-1970 sued for exposure to asbestos leading to the development of mesothelioma. Elmore died from the asbestos related disease, and his estate received $2.8 million in compensation.
- 2018: A family from the United Kingdom lost their mother due to mesothelioma because of exposure to asbestos. The family received over $300,000 in compensation for their mother’s life.
The company struggled to pay their asbestos lawsuits and eventually filed for Chapter 11 bankruptcy protection in 2000. Six years later in 2006 they reorganized, and during the time they were closed they received more than 150,000 additional claims.
Occupational Exposure
Due to the fact that products containing asbestos were highly prevalent in Babcock & Wilcox Industries many individuals including workers and the general public were put at risk. Since the company expanded quite quickly, there were multiple factories in which individuals may have come into contact with asbestos materials. Some workers were exposed on a routine schedule, and due to effects have asbestos related health complications. Various occupations that may have been affected include: Veterans, Boiler insulators, Boiler tenders, Boiler makers, railroad workers, Firefighters, Cold storage insulator, Electric welders, Demolition workers, Lathe operators, Marine electricians, Millwrights, Plumbers, Submarine workers, Ship inspectors, Shipyard workers, and more. The materials were found in locations such as refineries, power plants, and nuclear facilities. Anyone who came into contact with the materials were at high risk.
FAQs About Babcock & Wilcox Asbestos Trust Fund, Mesothelioma, and Asbestos Exposure:
Who is eligible to apply for compensation from the Babcock & Wilcox Asbestos Trust Fund?
Individuals who have been harmed by Babcock & Wilcox’s asbestos products and have developed asbestos-related diseases such as mesothelioma may be eligible to apply for compensation.
How do I apply for compensation from the Babcock & Wilcox Trust Fund?
Applicants must follow the outlined claims process, which typically involves submitting documentation of asbestos exposure, medical records confirming diagnosis, and other relevant information through the trust’s designated channels.
What types of compensation are available through the Babcock & Wilcox Trust Fund?
Compensation may include funds for medical expenses, lost wages, pain and suffering, and other damages resulting from asbestos exposure and related illnesses like mesothelioma.
Is there a deadline for filing a claim with the Babcock & Wilcox Trust Fund?
Yes, there are usually deadlines for filing claims, known as statutes of limitations. It’s crucial to file within these timeframes to be considered for compensation.
What should I do if I believe I’ve been exposed to asbestos from Babcock & Wilcox’s products but haven’t been diagnosed with an asbestos-related illness?
Seek medical evaluation immediately if you suspect asbestos exposure. Additionally, consulting with legal experts familiar with asbestos litigation can help you understand your rights and options.
Can I file a lawsuit against Babcock & Wilcox if I’ve been diagnosed with mesothelioma or another asbestos-related illness?
Yes, individuals diagnosed with asbestos-related diseases may pursue legal action against Babcock & Wilcox to seek compensation for damages.
What steps should I take if I’ve been diagnosed with mesothelioma or another asbestos-related illness and wish to pursue legal action?
Seek legal counsel experienced in handling asbestos cases promptly. They can guide you through the legal process, including gathering evidence, filing a lawsuit, and advocating for your rights in court.
How long does it typically take to receive compensation from the Babcock & Wilcox Trust Fund or through a mesothelioma lawsuit?
The timeframe for receiving compensation can vary depending on various factors, including the complexity of the case, the efficiency of the claims process, and the willingness of the defendant to settle. It’s essential to discuss timelines with your legal representation.
Is there assistance available for navigating the claims process or pursuing legal action for asbestos exposure and mesothelioma cases?
- Yes, there are organizations, support groups, and legal resources dedicated to assisting individuals affected by asbestos exposure. Seeking guidance from experienced professionals can be invaluable in pursuing compensation and justice.
History of Asbestos Use
George Babcock and Stephen Wilcox officially founded Babcock & Wilcox in Providence, Rhode Island in 1867. Their original idea was to create a boiler that functioned well and used safe energy. Their idea of creating safe energy was ideal, but when they started putting asbestos insulation in their products, they became toxic.
Babcock & Wilcox started off selling boilers to sugar refineries, but they quickly expanded into manufacturing for electrical industries. Their locations quickly spread starting in Rhode Island, and then New York, Philadelphia, and in 1881, they reached Glasgow, Scotland.
Their products continued to be used by more and more different occupations. By 1907, Babcock and Wilcox were powering a fleet of U.S. Navy ships. Babcock & Wilcox were heavily involved in supplying naval boilers during World War I and World War II. They made thousands of boilers during WWII, and all of them contained asbestos. The company received a lot of international and government interest, allowing them to continuing expanding across the globe. You could find locations all over the United States and in Europe, Africa, Asia, and the Middle East.
The company did not start to discontinue the use of asbestos in their products until the 1970’s. This means the company was using the harmful materials for possibly a century. Asbestos is a group of minerals that contain fibers that stop heat, and companies are allowed to use the product as long as it doesn’t account for more than 1% of the product. Babcock & Wilcox products were using asbestos in their products above the legal limit amount. Many individuals who came in contact with the materials now face asbestos related illnesses such as mesothelioma or asbestosis as well as cancers which have serious long-term effects.
Currently, the company still operates and provides for oil and nuclear power industries as well as the government.
Asbestos Products
Babcock & Wilcox Company Stirling Boiler
Babcock & Wilcox Gauges
Babcock & Wilcox Marine Boilers
Babcock & Wilcox FJ Furnace Boilers
Babcock & Wilcox Integral Furnace Boilers
Babcock & Wilcox Type E Pulverizers
Babcock & Wilcox Steam Generating Boiler Products
Babcock & Wilcox Insulating Firebrick
Asbestos block
Gaskets
Heat Seals
Insulation
Rope packing