In 1915, A.P. Green Fire Brick Company (APG) was founded by Allen Percival Green of Missouri. An increased demand for refractory products, which are highly heat-resistant products used for insulating, helped fuel APG’s business success during World Wars I and II.
APG used asbestos from the 1920s-1960s in various types of products like insulation, adhesives, cement, and fireproof clay bricks. In 1967, APG was acquired by U.S. Gypsum, a major manufacturer and distributor of asbestos-containing sheetrock and board products.
Two well-known cement products were made from the 1950s-1970s. APG SK-7 Cement was produced from 1953-1972, and APG Kast-O-Lite was made from 1956-1972.
Mounting lawsuits for asbestos injuries evidently were not ideal for continued business success.
On February 14, 2002, the company filed for Chapter 11 bankruptcy.
According to the bankruptcy petition that was filed, the company’s debt was close to $77,000,000 at the time of filing.
The APG Asbestos Trust was established in 2009 and began accepting claims in 2014. It was originally funded with over $300 million.
Prior to the establishment of the APG Asbestos Trust, U.S. Gypsum handled APG claims through its trust, since its 1967 acquisition of the company put it on the hook to share some liability.
The values in the table shown on the screen indicate an approximation of the amount that someone may receive in compensation for their claim, based on their illness.
The payment percentage in 2021 was 4.5%, meaning claimants that meet the Trust’s criteria for compensation received 4.5% of the values in the table, depending on their specific diagnosis.
In 2021, 14,213 claims were filed with the Trust. Of those, 9,076 claims were paid to claimants, totaling $12,038,329.
$10,612,857 was paid to 3,390 individuals with either severe asbestosis, lung or other cancer(s), or mesothelioma. $1,140,845 was paid to 5,565 individuals with asbestosis or pleural disease.
As of 2021, $233,107,643 remains in the Trust for the payment of claims for future victims.
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).
