Owens Corning is a large business that manufactures as well as sells insulation and other construction-related components. For decades, however, Owens Corning placed asbestos in its products and as a result, placed a large number of workers and other people in danger of later developing mesothelioma. Asbestos-exposure lawsuits later forced Owens Corning to declare bankruptcy and then create an asbestos exposure trust fund.
The History of Owens Corning
After two major companies, Corning Glass and Owens-Illinois joined together in 29135, Owens Corning Fiberglass was formed and became the biggest fiberglass manufacturer in the country. Owens Corning was also the first company to manufacture fiberglass insulation.
Made from glass fibers, fiberglass insulation was a commonly used material in houses in the period of expansion following World War II. The company quickly gained a reputation for its pink color and Pink Panther logo. Owens Corning valued asbestos due to the material’s heat-resistant qualities.
In 1997, Owens Corning purchased Fibreboard Corporation, which manufactured asbestos-containing flooring and insulation for industrial uses. Even though the company reports selling less than 1% of asbestos-containing products, Owens Corning sold 30% of widely used products with strong brand recognition.
Asbestos Exposure Among Owens Corning Workers
Many people who used Owens Corning insulation as well as individuals who worked in buildings where insulations were used were exposed to asbestos. Owens Corning’s insulation was also routinely used on ships. Some of the types of workers that were most commonly exposed to asbestos-containing products manufactured by Owens Corning include custodians, demolition workers, and construction workers.
Asbestos Exposure Litigation and Owens Corning
Owens Corning alleges that it removed asbestos from its Kaylo products early on. The company’s products were determined to have caused the deaths of thousands of individuals. In 1978, a class-action lawsuit was filed against the company by two shipyard workers who were diagnosed with asbestosis following exposure to Owens Corning products. Many other lawsuits have been filed against Owens Corning over the years. One case saw a Florida jury award a man $31 million in punitive damages as well as $1.8 million in compensation. Owens Corning argued about exposure in a large number of these cases but later filed for bankruptcy in 2000.
How the Owens Corning Trust Was Established
By the mid-1980s, almost 85,000 people had filed asbestos exposure claims against Owens Corning. The purchase of Fibreboard Corporation only increased the number of asbestos lawsuits.
During a court case in 1999, evidence revealed that Owens Corning had hidden details about the dangers of asbestos from its workers and consumers. The company also had advertised its Kaylo Insulation as non-toxic when the company was aware that asbestos could cause cancer.
The Owens Corning trust compensates claims at 78.8%, while Fibreboard trust payments are much lower at 6.7% which is one of the lowest payment percentages for larger trusts.
Obtain the Assistance of an Asbestos Exposure Lawyer
If you or a loved one was exposed to asbestos-containing products manufactured by Owens Corning, you could be at risk of developing a serious illness. One of the best steps to take in such a situation is to obtain the help of an experienced attorney. Contact Throneberry Law Group today for help.
