As explained by the New York State Department of Health, the rate of mesothelioma exploded in our state in the 1970s and 1980s. The majority of these increased incidents of mesothelioma were linked to long-term asbestos exposure—often in the workplace. Sadly, many companies negligently exposed their workers to conditions that they knew or should have known were dangerous.
Those companies can and should be held responsible for the extreme harm that they have caused. However, not all of those companies are around anymore. The good news is that victims still have options for financial support: Mesothelioma trust funds have been established to provide compensation to victims and their families. Below, our Buffalo mesothelioma attorneys explain what you need to know about recovering compensation for asbestos exposure if the responsible company filed for bankruptcy.
Mesothelioma Trust Fund: Money Has Been Set Aside for Future Claims
Frequently referred to as ‘asbestos trust funds’, a mesothelioma trust fund is a pool of money that has been set aside to provide compensation to victims and their families who have not yet filed a claim. When major asbestos manufacturers and related companies sought bankruptcy protection, they were often required to set up a fund.
These funds are incredibly important because mesothelioma does not develop until many years (even decades) after a toxic exposure. In fact, the American Cancer Society notes that the typical period between asbestos exposure and a mesothelioma diagnosis is between 20 years and 50 years. In some cases, it can take as long as 70 years for a person to develop cancer after being repeatedly exposed to asbestos.
There Are Dozens of Active Mesothelioma Trust Funds in the United States
If you or your loved one was diagnosed with mesothelioma after being exposed to asbestos, your claim will not be made against a centralized trust fund. It is a common misconception that there is one mesothelioma trust fund. Instead, a number of different trust funds have been established. Currently, there are more than 50 active mesothelioma trust funds nationwide. Collectively, they hold an estimated $30 billion in financial assets.
You and your family have the right to seek compensation for the full value of your damages, including for cancer treatment and loss of income. Our Buffalo mesothelioma attorneys will help you explore every available option for financial recovery—from making a claim against an asbestos trust fund to filing a lawsuit against the responsible company.
GET HELP FROM OUR BUFFALO, NY MESOTHELIOMA LAWYERS TODAY
At Richmond Vona, LLC, our top-rated New York mesothelioma attorneys are aggressive, experienced advocates for victims and families. If you or your loved one was recently diagnosed with mesothelioma, we are ready to help.
To arrange a no cost, no commitment review of your case, please contact our law firm right away. From our office location in Buffalo, we handle mesothelioma and asbestos claims throughout Western New York, including in Cheektowaga, Orchard Park, East Aurora, Newfane, and Rochester. Call (716) 300-5885.