In 2015, George V. Hamilton, Inc, an insulation manufacturer and distributor, filed for Chapter 11 bankruptcy. It did so after thousands of former workers sued the company for exposing them to asbestos from 1940 through the 70s.
Asbestos is an extremely dangerous carcinogen and the only known cause of mesothelioma. It often takes decades for mesothelioma to develop, so many former Hamilton workers did not receive a diagnosis until recently.
In April, 2018, Hamilton exited Chapter 11 bankruptcy. Through bankruptcy, the company has set aside an asbestos bankruptcy trust against which workers and others exposed to asbestos can file a claim.
The company has continued to do business throughout the bankruptcy and will continue to operate now that the bankruptcy is complete. By filing, George V. Hamilton is free from future liability for mesothelioma claims. There is approximately $8 million set aside in the trust.
Asbestos bankruptcy trusts
George V. Hamilton, Inc., is by no means the first company to use bankruptcy to manage the significant legal liabilities it had from exposing workers to asbestos.
Through an asbestos bankruptcy trust, the company sets aside a significant amount of money for injured victims to file a claim against. Victims who can show they are eligible can then receive compensation for the significant medical expenses and other costs associated with mesothelioma, a terrible, incurable and fatal disease.
But by going through bankruptcy, the company remains operational and has a limit on how much money it will pay out to victims.
Filing a claim
For this reason, it is important than anyone suffering from mesothelioma file a claim against an asbestos bankruptcy trusts as soon as possible. Asbestos bankruptcy trusts have finite resources, and often include deadlines in which claimants must file.
If you or a loved one suffer from mesothelioma, contact a law firm with significant experience in pursuing claims against all applicable asbestos bankruptcy trusts.