General Motors is probably a name you’re familiar with. But does asbestos come to mind when you hear it? GM manufactured asbestos-containing brakes, clutches, engine components, gaskets, and other parts for use in its vehicles.
In 1908, William Durant organized a group of motor vehicle manufacturers to form General Motors Company (GM) in Detroit, Michigan.
In 1912, GM brought the electric self-starter into the automobile scene with its Cadillac.
By 1919, it had acquired more motor vehicle manufacturers and had reincorporated as General Motors Corporation.
In the 1930s, the company began to manufacture appliances, like ovens and boilers, which were asbestos lined. Recognizable brand names included Delco and Frigidaire.
Reportedly by 1941, GM was manufacturing about 44% of cars in the U.S. The company also routinely purchased and used some asbestos component parts manufactured by other companies, such as BorgWarner.
Despite its success, GM could not escape asbestos injury litigation as claims began to pour in and pile up. The company reportedly claimed to be $173 billion in debt when it filed for Chapter 11 bankruptcy on June 1, 2009 in the Southern District of New York.
GM was aided by a bailout from the U.S. government, and its asbestos injury debt was transferred to Motors Liquidation Company Asbestos Personal Injury Trust.
The trust was established on March 31, 2011 and began accepting claims on April 30, 2012.
According to the 2021 financial report submitted by the trust, 5,134 claims were filed that year.
The report also details that $10,900,000 was paid out in claims in 2021, adding to the total of $85.4 million the Trust has paid since it was established.
As of 2021, the trust had approximately $155.6 million remaining for future claimants.
Compensation varies from trust to trust and depending on the type of injury someone has. As of August 2022, the payment percentage for the GM trust was 12.2%. This means that a claimant would receive 12.2% of the value designated for their specific injury.
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).
