In this insightful episode of our Asbestos Trusts series, we unravel the intriguing history of GAF Corporation, formerly known as I.G. Farben, a German company that expanded its operations to the United States in 1939. Join us as we delve into the company's journey from film and photography supplies to becoming a prominent player in the industrial world with its line of construction materials for roofing, siding, insulation, and flooring, along with its paint products.
During World War II, GAF faced government seizure due to its German affiliation, and it remained under government control until 1965. After becoming publicly traded again, GAF acquired Ruberoid Company, which specialized in manufacturing roofing supplies, including asbestos-containing materials. This marked GAF's entrance into the asbestos industry, with the added ownership of an asbestos mine in Vermont.
Occupations such as miners, construction workers, roofers, and insulation workers faced potential asbestos exposure from working with GAF products. Despite the asbestos mine's closure in 1975, some GAF products still contained asbestos until 1981, posing risks to those in contact with them.
After the 1980s, GAF transformed into G-I Holdings, Inc. During the years 1996-2000, the company confronted a staggering 70,000 asbestos injury cases, prompting it to file for Chapter 11 Bankruptcy on January 5, 2001.
Subsequently, the G-I Holdings, Inc. Personal Injury Settlement Trust was established, finalizing in 2009. At present, the payment percentage from the Trust stands at 5%, a slight decrease from 7.4% in 2021.
In 2022, an overwhelming 20,793 claims were filed with the Trust, as reported in its annual financial report. Encouragingly, the Trust disbursed $28,617,042 in claims during the same year, contributing to a significant total of $342,665,128 paid since its establishment.
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.
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