The Flintkote Company
Founded at the start of the 20th century, the Flintkote Company has had substantial success with manufacturing asphalt shingles. Due to its early success, Flintkote expanded throughout the United States and Europe. For several decades, however, the company placed asbestos in its products and as a result, it subjected many people to the danger of asbestos.The Company’s History
In 1901, the Flintkote Company was founded. The company was not incorporated until 1917. Headquartered in Massachusetts, the company produced roofing material and quickly garnered a widespread reputation for its asphalt roof shingles.
In the 1930s, the company went public as it developed its product line. In the 1950s, the company substantially expanded its operation by acquiring other businesses. This expansion led to the introduction of various paper products as well as other materials that contained asbestos.
For several decades lasting until the 1980s, the company used asbestos. Even though documentation about the risk presented by asbestos was widely available at this time, the company only ceased production of asbestos-containing products in 1982. The last year that Flintkote distributed any type of product that contained asbestos was 1984.Flintkote Files for Bankruptcy
Due to the asbestos that its products contained, Flintkote has faced various lawsuits from former workers as well as consumers. The company faced its first asbestos-related lawsuit in the early 1970s.
At the beginning of the 21st century, two lawsuits were filed against Flintkote and later consolidated into one lawsuit by a Pennsylvania court. Both of the victims, in this case, had husbands who passed away from mesothelioma due to shipyard work with asbestos-containing products manufactured by Flintkote. The jury later awarded one of the victims $1 million while the other victim was awarded $550,000.
In just over 10 years, the company sold off various parts of its operation to pay for these claims. Making matters even more challenging, Flintkote’s insurance carrier stopped payments in 2001.
Flintkote filed for Chapter 11 bankruptcy in 2004. Flintkote’s parent company, Flintkote Mines, also later filed for Chapter 11 bankruptcy. At this time, Flintkote was listed over $70 million in asbestos-associated claims.Flintkote Trust for Asbestos Victims
Flintkote established an asbestos trust fund as a term of emerging from bankruptcy. Created in 2015, the Amended Joint Plan of Reorganization in Respect of the Flintkote Company and Flintkote Mines Limited, was established to compensate both pending as well as future claims brought by asbestos exposure victims.
The trust acknowledges several diseases connected to asbestos exposure. The trust lets claimants choose one of two options to decide if compensation is capable of being awarded. Individuals can pursue either expedited or individual reviews. Expedited review takes 90 days, and victims receive a fixed settlement amount if the claim is approved.Speak With an Experienced Asbestos Exposure Lawyer
If you or a loved one is diagnosed with mesothelioma or a related illness, it is common to wonder whether you will ever be able to hold the party who caused your illness accountable. Do not hesitate to contact the Throneberry Law Group today by calling (888) 506-1131.