William Henry Todd is the Todd of Todd Shipyards Corporation. Established in 1916, Todd Shipyards was created with the financial assistance of 3 finances and through the incorporation of several companies including Robins Dry Dock & Repair Company, Seattle Construction & Dry Dock Company, and the Tietjen & Long Dry Dock Company. The new corporations passed through mergers with Shipyards located in California, Texas, Louisiana, and various other states.The History of Todd Shipyards
During the war years, when shipyards expanded to meet maritime and naval requirements, William Todd discovered that it was challenging to keep up a “family” atmosphere at Todd Shipyards. During this period, however, Todd Shipyards still published various magazines including The Bridge, The Keel, and the Todd Daily Maritime.
Todd ultimately passed away at the start of the 1930s. Todd Shipyards was still a robust company but began experiencing financial difficulties following the stock market crash and the Great Depression. Todd Shipyards engaged in substantial business activity following World War II. Shipyards owned by Todd were extremely busy purchasing ships as well as converting and repairing ships that would serve military and commercial use. In the 1940s, Todd Shipyards expanded into non-shipbuilding industries which included the Todd Insecticidal Fog Applicator.
Under the term of a new president, Todd diversified even further during the 1950s. Even though the president assumed his role during a time of peace, the Navy followed through with a practice of giving work to private shipyards. Todd’s repair business benefited substantially from this policy.
In the late 1950s, a fourth president was appointed. In the 1970s, the president faced a financial hard spot due to inflation mixed with failed diversification efforts. During this time, a fifth president was appointed. Through the use of refinancing, Todd was positioned in a better way. As of 2022, Todd Shipyards continues to flourish in a narrow industry.Asbestos Exposure Lawsuits and Todd Shipyards
In 2010, Todd Shipyards faced almost 500 asbestos claims from approximately 565 parties. The company stated that it was also in the process of defending 10 mesothelioma claims as well as lung cancer, asbestosis, and another 184 claims that were less serious. Todd resolved many of these lawsuits and has approximately $3 million in reserve with another $2.1 million in insurance funds. Court documents reveal that damages from these cases could exceed $20 million.
Todd Shipyards has also defended various claims initiated by previous workers who argued that their sickness arose from asbestos exposure at the company’s Brooklyn Yard. Todd considered claims as they were initiated and divided them into two separate groups based on a claimant’s severity. Diseases including lung cancer and mesothelioma were labeled as “malignant,” while lawsuits involving less serious cases were branded as “non-malignant.”
Todd Shipyard’s Los Angeles location was one of the locations that saw the most asbestos claims. A previous worker filed a mesothelioma lawsuit against the company in the early 1980s. This case ultimately proceeded to the United States Court of Appeals. Other lawsuits followed, and Todd Shipyards claimed that it held more than $3 million in funds to compensate claims.
Exposure faced by workers at Todd Shipyards included minimal, moderate, and high asbestos concentrations.Do Not Hesitate to Contact a Knowledgeable Asbestos Shipyard Attorney
Following exposure to asbestos-containing products manufactured by Todd Shipyard, you or a loved one should not hesitate to speak with an experienced lawyer. Contact the Throneberry Law Group today by calling (888) 506-1131 today to schedule a free case evaluation.