In this compelling episode of our Asbestos Trusts series, we uncover the story of Hercules Chemical Company (Hercules), a notable plumbing product manufacturer established in New York back in 1915. Join us as we explore the company's diverse range of plumbing products, which included over 100 options, from plastic pipe, cement, and putty to various types of gaskets, sealants, and bonding products.
Unfortunately, as we delve into the history of Hercules' product line, we discover that starting from the 1950s, many of their products shared a common, hidden danger - asbestos. One of the widely-used asbestos-containing products was their stainless putty, employed to create watertight seals in areas prone to leaks, such as pipes and sinks.
Occupations most at risk of asbestos exposure from Hercules' products were plumbers, HVAC employees, pipefitters, and construction workers. Hercules continued using asbestos in its products for approximately three decades, finally discontinuing its usage in the early 1980s.
Amidst thousands of asbestos-related lawsuits, Hercules Chemical Company filed for bankruptcy in 2008. As part of its Chapter 11 Joint Plan of Reorganization, the company established the Hercules Chemical Company Asbestos Settlement Trust in 2010, initially funded with around $11 million. The Trust began accepting claims in 2011, seeking to compensate those affected by the hazardous asbestos exposure.
According to the Trust's recent annual financial report, an encouraging $371,050 was paid out in claims during 2022. This brings the total amount disbursed by the Trust since its establishment to nearly $6.5 million, making a significant impact on the lives of asbestos injury victims.
As of October 2022, the payment percentage stands at 2%. This means qualifying claimants will receive 2% of the scheduled payment value, as indicated in the table below, depending on the severity of their asbestos-related 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).
