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Raybestos-Manhattan produced brakes as well as several other types of products known to contain asbestos. Asbestos exposure lawsuits ultimately forced the company to file for bankruptcy in 1989. A trust fund was established in 2021 to compensate victims of exposure to asbestos-containing products manufactured by Raybestos.The History of Raybestos and Asbestos Exposure
Established in 1925, Raybestos was initially an asbestos brake manufacturer. The company later produced various products including clutches, insulation, textiles, and valves known to contain asbestos. Asbestos was viewed as a useful material at the time due to its heat-resistant and durable nature.
In 1982, the company switched its name to Raymark in the hopes that doing so would distance itself from asbestos. Raybestos ultimately stopped making asbestos products in the 1980s. By this time, however, Raybestos was involved in various asbestos-related personal injury lawsuits.
Over the years, Raybestos routinely denied any knowledge of health problems caused by asbestos. The company’s president for 40 years was even involved in various legal proceedings and efforts to conceal the company’s asbestos liabilities.The Creation of the Raybestos Trust
Raymark established various business entities including spinoff operations to protect assets against asbestos litigation. One effort involved the Raytech company. Raytech assumed control of Raybestos’ non-asbestos assets in 1987. As part of the deal, Raymark agreed to release Raytech from asbestos liability. Bankruptcy agreements, however, later dissolved this agreement.
In 1989, Raymark pursued Chapter 7 bankruptcy. Raytech later filed for Chapter 11 in the same year. In 2001, Raytech emerged from bankruptcy and established the Raytech Corporation Asbestos Personal Injury Settlement Trust. The trust pays compensation for exposure to asbestos-containing products manufactured by Raybestos as well as Raymark and other business entities.
A 2021 report revealed that the trust paid $1.2 million in 2020. The trust pays a percentage of .92% of claims brought by asbestos exposure victims.Asbestos Exposure Lawsuits and Raybestos
Raymark has an extensive history of asbestos litigation involving cases brought by victims and loved ones with asbestos-related medical conditions. The company defended against many of these cases and even initiated legal action against law firms that represented individuals attempting to receive compensation for asbestos exposure.
One case involved the widow of a former Raytech worker. The widow was ultimately awarded compensation for her husband’s death.
Another case initiated by Connecticut state against Raymark sought compensation for money spent by the state on the clean up of manufacturing plants.
In 2018, a three-judge panel awarded $140 million to over 2,000 refinery and chemical workers. This case started as a class action in 1990.
Also in 2021, a California jury awarded more than $2 million in compensation to a man who claimed that interacting with asbestos-containing brake parts ultimately led to him being diagnosed with mesothelioma cancer.Do Not Hesitate to Contact an Asbestos Exposure Lawyer
Many people were diagnosed with mesothelioma following exposure to asbestos-containing products manufactured by Raybestos. If you or a loved one finds yourself in such a situation, you should not hesitate to speak with an experienced attorney. Contact the Throneberry Law Group today for assistance.