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Ohio company may create trust for asbestos exposure victims

On Behalf of | Aug 12, 2014 | Asbestos/Mesothelioma

Asbestos exposure can create serious and life threatening illness. When it is not properly handled and workers are left unprotected, a company may be held responsible. A victim that has suffered from asbestos exposure in the past may question their legal right to seek financial redress against any party deemed responsible. An Ohio company has recently taken the preliminary steps needed to create a trust for previous and current employees that have claimed personal injury after asbestos exposure.

A series of cases were originally filed against the company for asbestos exposure and injury developed from being on the job. This proposal came as an attempt to settle with the claims of the victims for personal injury through asbestos related illness. The decision to create and manage a financial support program for victims was made following a company petition for reorganization through Chapter 11 bankruptcy.

They project to place $800 million aside for those that have suffered harm from asbestos exposure while at work. The arrangement notes that $450 million worth of restitution will be paid in cash for victims who have claimed asbestos poisoning, in addition to ongoing contributions for a few years. The proposal must next be reviewed by the Bankruptcy Court and some victims that have current claims pending that were made prior to its creation.

Employees that have been in contact with asbestos may choose to investigate company benefits in the event they begin to take ill. Certain types of cancer, respiratory problems and long-term disability can all result from asbestos exposure. An Ohio worker that is struggling from an illness inflicted by their place of business may seek help in pursuing restitution through all applicable avenues of legal relief.

Source: dailynewsen.com, “RPM Intl agrees to $797.5M deal on asbestos claims”, , July 28, 2014

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