Forty Eight Insulations Incorporated
Forty Eight is an Illinois corporation that manufactured and sold insulation containing asbestos between 1923 to 1970. In 1985, Forty Eight pursued protection from the United States Bankruptcy Court for the Northern District of Illinois under Chapter 11. The company later established a trust to pay claims brought by asbestos exposure victims.The History of Forty Eight Insulations and Asbestos Exposure
Forty Eight Insulation was founded in 1923 in Illinois. The company later produced insulation and found that asbestos was a particularly attractive material due to its durable and heat-resistant nature. One product manufactured by the company was referred to as Super 48 Insulating Cementer.
In 1973, Forty Eight Insulations was acquired by the insurance carrier, Foster Wheeler. The company continued producing asbestos-insulating cement.
Forty-Eight continued placing asbestos in its product until 1982. Around this time, current and past workers at Forty Eight who had installed Forty Eight products began filing lawsuits to receive compensation. As a result of the many asbestos exposure lawsuits the company faced, Forty Eight ultimately pursued bankruptcy protection in 1985. As a term of emerging from bankruptcy, the company was required to establish a trust to compensate the victims of exposure to asbestos-containing products manufactured by the company.
Following the discontinuation of asbestos use, Foster Wheeler expanded its operations and sold subsidiaries owned by the underperforming company. In 1930, the company acquired Barsotti Incorporated, which is an asbestos abatement provider. Foster Wheeler additionally sold one of its asbestos subsidiaries, Glitsch International.
In 2014, Foster Wheeler was acquired by AMEC, a British engineering and project management business. The companies were later acquired by the John Wood Group PLC. The Wood Group, including Foster Wheeler and Foster Wheeler's subsidiaries, still operates in 60 countries and retains approximately 55,000 workers.Asbestos Exposure Lawsuits Involving Forty Eight
Some of the asbestos exposure lawsuits in which Forty Eight has been involved include the following:
- A 1977 Pennsylvania case involved employees who worked at Wheeling-Pittsburgh Steel Corporation installing insulation. The workers claimed that during the time they were employed at Wheeling-Pittsburgh they contracted asbestosis and pneumoconiosis due to prolonged exposure to inhaling asbestos fibers.
- Foster Wheeler is also involved in countless asbestos lawsuits. One Foster Wheeler concerned a man who worked as a machinist at Puget Sound Naval who was diagnosed with mesothelioma in 2006. The man's family was later awarded $5.2 million in compensation.
The Forty-Eight Insulation Qualified Settlement Trust was established to pay the victims of
exposure to asbestos-containing products manufactured by Forty-Eight. Two separate amounts were placed into the trust fund. The first amount was $39 million to resolve current claims, while the second amount was $15 million for future claims.Obtain the Assistance of an Experienced Mesothelioma Lawyer
The victims of asbestos exposure often feel overwhelmed and uncertain about how to proceed. If you or a loved one has been diagnosed with mesothelioma or an associated illness following exposure to a product manufactured by Forty Eight Insulations, it can help to contact a compassionate asbestos attorney. Contact the Throneberry Law Group today to schedule a free case evaluation.