In this episode of our ongoing Asbestos Trusts series, we delve into the history of J.T. Thorpe & Son, Inc., a prominent refractory contractor founded in California back in 1906. Join us as we uncover the company's journey from its inception to its involvement in significant projects, including assisting in the rebuilding process after the devastating Great San Francisco Earthquake.
Throughout the years, J.T. Thorpe expanded its operations and became a key player in distributing and installing asbestos-containing refractory materials in various plants and companies across Southern California. The company also played a vital role in the shipbuilding industry during World War II, installing asbestos-containing insulation on U.S. Navy ships.
Despite its success, financial distress loomed in the late '90s due to the surge in asbestos injury claims that started in the late 1970s. Although J.T. Thorpe claims to have ceased using asbestos products in its own building activities by the 1980s, reports suggest that the distribution of such products continued for several years afterward.
On February 12, 2002, J.T. Thorpe & Son, Inc. filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Central District of California. As part of its reorganization plan, the J.T. Thorpe Settlement Trust was established four years later, in June 2006.
As we explore the Trust's current status, we learn that it has faced numerous claims over the years, with 226 claims being filed in 2022 alone, as stated in its annual financial report. The Trust has been providing compensation to asbestos injury victims since its establishment, with an impressive payout of over $135 million to date. Presently, qualifying claimants receive 50% of the scheduled payment value designated for each type of asbestos 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).
