The asbestos lawsuits filed in the United States over the past fifty years constitute the longest running mass tort in the country’s history. A tort is defined as a civil action taken based on a negligent or intentional harm done that is not based on contract law.
A Rand Corporation research says that by the end of 2002, about 730,000 individuals claiming physical harm from asbestos exposure had filed suit against about 8,400 corporations and businesses. At that point, about seventy corporations had filed for bankruptcy protection over their asbestos liability.
Today, in 2009 the number of bankruptcy filings has reached one hundred. The number of lawsuits since 2002 are several hundred thousand in number and they have increased each year. Because the diseases caused by asbestos exposure have latency periods of up to fifty years, many people who were exposed to asbestos decades ago are just now getting sick.
The purpose of the bankruptcy filings by asbestos mining companies and product manufacturers has been to gain temporary protection from losing all of their assets to asbestos lawsuits. The bankruptcy cases were to allow for these companies to “reorganize” their finances in order to deal with asbestos liability.
The result of the corporate bankruptcy settlements for many of these corporations has included the establishment of a trust fund that the company sets aside to cover compensation for those who file claims based on asbestos exposure. Several of those trust funds hold well in excess of $1 billion dollars. An integral part of any asbestos litigation today may involve filing claims directly with those trust funds as well as against the companies that were responsible for the asbestos exposure suffered by the plaintiff.
If you or a family member has been personally injured because of the fault of someone else: by the use of dangerous and defective drugs, bad products, or toxic injury etc then please contact the Fort Worth Texas Asbestos Mesothelioma Product Liability Attorney Dr. Shezad Malik. For a no obligation, free case analysis, please call 817-255-4001 or Contact Me Online.
The Dr. Shezad Malik Law is currently evaluating and accepting Asbestos Mesothelioma cases.