The Difference Between Asbestos Trust Fund Claims and Lawsuits

For decades, asbestos was widely used in the manufacturing and construction industries. Today, many people are still dealing with the health consequences of asbestos exposure. Asbestos exposure is the only known cause of mesothelioma. Because mesothelioma takes decades to show symptoms, new cases continue to arise. Fortunately, those affected by mesothelioma have options for compensation, with the two most common paths being filing an asbestos trust fund claim or pursuing a lawsuit. While both can be beneficial, they work in different ways.

Asbestos Trust Fund Claims

Asbestos trust funds were established in the 1980s following numerous lawsuits filed against manufacturers that had used asbestos in their products. Many of the companies declared bankruptcy, but courts required them to set aside money to compensate victims. Today, there are over 60 trust funds in the U.S., with billions available to compensate people diagnosed with mesothelioma or asbestos-related lung cancer.

With an asbestos trust fund claim, victims don’t go to court. A trustee reviews your documents instead. The process is usually quicker and straightforward. To initiate the process, you must gather medical and exposure records, submit the claim, choose between an expedited or individual review, and then receive payments, often within a few months. Payments typically come in installments over a specific period of time.

To file a trust fund claim, you must demonstrate two things:

• You have an asbestos-related illness
• Your exposure came from products made by the company connected to that trust.

Asbestos Lawsuits

A lawsuit is filed directly against a company that is still operating and can be held legally responsible for your exposure. Lawsuits can result in larger payouts compared to asbestos trust fund claims, but the process takes longer (sometimes years) and requires more evidence.

There are two major types of lawsuits:

• Personal injury lawsuits: These are filed by someone living with an asbestos-related illness.
• Wrongful death lawsuits: These are filed by family members after a loved one has passed away.

Lawsuits involve several steps, including investigation, filing a complaint, discovery, negotiating a settlement, and, in some cases, going to trial. Given that one’s asbestos exposure may have happened decades ago, gathering the right documents and testimony can be complex and lengthy. As such, consulting with an experienced attorney is crucial, so you get it right the first time and protect your rights.

Key Differences Between Asbestos Trust Fund Claims and Lawsuits

Some of the key differences include:

Process

Trust fund claims don’t need proving negligence, making them much faster, unlike lawsuits, where you have to provide proof of negligence, thus a longer timeline.

Timeline

Trust fund claims are typically resolved within months. Lawsuits, on the other hand, may take years, especially if they go to trial.

Compensation

With trust fund claims, payouts are sometimes limited because the funds must be shared among multiple claimants. Lawsuits, while lengthy, can open doors to higher compensation and broader damages.

Can You File Both?

Yes. If multiple companies contributed to your exposure, an attorney can help you file trust fund claims and also pursue a lawsuit if appropriate. This way, you may gain access to immediate financial assistance and long-term compensation.

Nationwide Mesothelioma Lawyers

If you or a loved one were diagnosed with mesothelioma, contact our office to speak to one of our experienced nationwide mesothelioma attorneys about your situation. Our office can help investigate your case and determine if compensation can be sought from negligent parties to help you and your family live a more comfortable life.