TRUST FUND GUIDE
A plain-English guide to the Celotex Asbestos Settlement Trust, which covers Celotex Corporation and Carey Canada, and what each disease category is worth.
Celotex made roofing and building products, and its subsidiary Carey Canada mined raw asbestos. If you or a family member got sick after working with these materials or using them in a home, a bankruptcy trust may owe you money. This guide explains how the Celotex trust works and what claims are worth. You can also read about Celotex and the other asbestos companies we handle.
We are Throneberry Law Group, a nationwide mesothelioma and asbestos firm. We help workers, do-it-yourself remodelers, and families file with the Celotex trust and every other trust they qualify for. Our founding attorney, Michael Throneberry, took on this work after his father-in-law died of mesothelioma, and we give each client direct, personal attention.
CURRENT TRUST STATUS
BACKGROUND
The Celotex Asbestos Settlement Trust pays people who got sick from asbestos products made by Celotex Corporation and its subsidiary, Carey Canada. Celotex made roofing and building materials, and Carey Canada mined and milled raw asbestos fiber.
Celotex and Carey Canada filed for Chapter 11 bankruptcy on October 12, 1990. The trust grew out of that bankruptcy and was founded on February 1, 1998 to handle current and future asbestos claims.
Unlike newer trusts, Celotex uses a rulebook called the Claims Resolution Procedures (CRP) rather than a TDP, but the idea is the same. Each illness has a scheduled value, and the trust pays a percentage of it.
PRODUCTS & COMPANIES COVERED
The trust covers a wide range of Celotex and Carey Canada building products, plus the raw asbestos fiber Carey Canada supplied to other makers.
If your exposure ties back to a Celotex or Carey product, you may be able to file. A lawyer can help match your work or home-renovation history to the right products.
INDUSTRIES, TRADES & OCCUPATIONS
Celotex products were common in both industrial work and home construction. Roofers, insulators, drywall workers, and do-it-yourself remodelers all came into contact with them.
Exposure happened across the construction trades, inside factories, and during home renovation. Carey Canada’s raw fiber also reached other plants that turned it into finished products.
Because Celotex made consumer building products, some people were exposed at home rather than on the job. That still counts, and it still qualifies for a claim.
HOW IT WORKS
Celotex sets a scheduled value for each disease category in its Claims Resolution Procedures, then pays a share of that value.
As of June 23, 2023, the trust pays 7% of the gross settlement value on an Individualized Review Claim. The percentage keeps money in the fund for future claimants.
A quick example. If a mesothelioma claim is valued at the $130,000 scheduled value, the current 7% payment percentage pays about $9,100.
FILING OPTIONS
Celotex offers a full-review track and a faster fixed-payment track.
Individualized Review Claim (IRC)
The trust reviews your medical and exposure evidence and offers a value based on your disease category, then pays the current 7% payment percentage of that value. Strong cases can be valued above the scheduled amount, up to a maximum.
Discounted Cash Payment (DCP)
You can instead take a small fixed cash payment with no full review. It is fast and certain but much lower. For mesothelioma the fixed DCP amount is $9,400.
THE NUMBERS
Celotex Scheduled and Maximum Values
These are the scheduled values and maximum values in the trust’s Claims Resolution Procedures. The Individualized Review track pays 7% of the settled value.
| Disease Category | Scheduled | Maximum |
|---|---|---|
| Malignant Mesothelioma (VII) | $130,000 | $325,000 |
| Lung Cancer Two (VI) | $58,000 | $260,000 |
| Lung Cancer One (V) | $39,000 | $260,000 |
| Other Cancer (IV) | $26,000 | $130,000 |
| Disabling Interstitial Lung Disease (III) | $32,000 | $192,000 |
| Nondisabling Interstitial Lung Disease (II) | $16,000 | $25,600 |
| Bilateral Pleural Disease (I) | $8,000 | $20,000 |
Discounted Cash Payment Amounts
If you choose the fixed DCP track, these are the flat amounts, paid in full with no payment-percentage math.
| Illness | DCP Amount |
|---|---|
| Mesothelioma | $9,400 |
| Lung Cancer | $2,855 |
| Other Cancer | $1,670 |
| Asbestosis | $980 |
| Bilateral Pleural Disease | $550 |
Scheduled and maximum values are from the trust’s Claims Resolution Procedures (conformed May 25, 2021). The Individualized Review track pays 7% of the settled value; DCP amounts are paid as shown. Figures can change.
GETTING STARTED
A strong trust claim takes preparation. Here is the path most clients walk with our firm.
1. Gather medical records. You need clear proof of diagnosis, usually a pathology report and a doctor’s statement linking the illness to asbestos.
2. Document your work history. Build a record of every job site, employer, and product you were around. Coworker statements can fill in gaps.
3. Match to covered products. Tie your exposure back to the companies and products this trust covers. That link decides whether you qualify and which sub-fund pays.
4. Choose your review track. Your attorney helps decide. Well-documented, serious cases often do better under full review; simpler cases often do better on the fast track.
5. File and track. Submit the claim and supporting documents, then follow it through review and payment.
WHY THRONEBERRY LAW
Trust claims can look simple on paper, but small choices change the outcome by thousands of dollars. Here is what we bring.
22+ Years of Asbestos Work
Attorney Michael Throneberry has pursued asbestos cases for more than two decades, with hundreds of millions recovered for injured workers and families.
No Fee Unless We Win
We work on contingency. You pay nothing unless we recover money for you, and your first case review is free.
Personal Attention
Our founding attorney stays involved in every case, and we travel to you, including to your home or hospital room.
GET HELP
If you or someone in your family has mesothelioma, asbestos lung cancer, or another asbestos illness, we can tell you which trusts you qualify for and what a claim may be worth. A case review costs you nothing. Start with our contact form.
SOURCES
Celotex Asbestos Settlement Trust, official trust website (celotextrust.com). Background, founding date, and current 7% Individualized Review payment percentage.
Scheduled values, maximum values, and Discounted Cash Payment amounts from the trust’s Claims Resolution Procedures (conformed May 25, 2021).
Product and exposure detail from the firm’s internal Bankruptcy Affidavit (Mooney) checklist.
DISCLAIMER
This page is general information, not legal advice. Trust payment percentages, scheduled values, and rules change over time. The numbers shown reflect the trust’s published procedures and notices as of mid-2026. For the most current figures, check the trust’s official notices or ask an attorney about your own situation. Sending a form or a message does not create an attorney-client relationship.
© 2026 Throneberry Law Group. All rights reserved.
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