🔍 This video explores the history of Lummus Technology, a company that started over 100 years ago in 1880. Lummus, known for constructing industrial sites like refineries, factories, and power plants, did not manufacture or sell its own asbestos-containing products. However, these sites often used equipment that required asbestos insulation, cement pipes, gaskets, and protective clothing.
🏭 In 1970, the company was renamed Lummus Industries and later merged with a Swiss company, ABB, in 1988. ABB Lummus also acquired Combustion Engineering, an asbestos product manufacturing company, in 1990. This acquisition brought along numerous pending asbestos personal injury lawsuits.
💰 Facing mounting lawsuits, ABB Lummus filed for Chapter 11 bankruptcy in 2006 and established the ABB Lummus Global, Inc. bankruptcy trust. The trust was initially funded with roughly $30 million. According to the 2022 annual financial report, 3,980 claims were filed with the ABB Lummus Trust, and $777,677 was paid out in claims that year. Since its establishment, the Trust has paid over $17 million.
📈 The current payment percentage is 11.7%, meaning that qualifying claimants receive 11.7% of the scheduled amount set by the trust for their specific injury.
👥 At AC.Law, we've helped thousands of people receive compensation for their asbestos injuries. Let us help you.
We’ve helped thousands of people receive the compensation they deserve for their asbestos injuries. Let us help you. You can contact asbestos attorney Justinian C. Lane at Asbestos Claims Law via his website at http://www.AsbestosClaims.law.
Email directly at help@asbestosclaims.law.
Or call anytime at (833) 4-ASBESTOS (427-2378).
