Henry J. Kaiser had a long history as a businessman in the industrial sector.
During World War II, he was significantly involved in building Liberty ships for the U.S. Navy.
In 1946, the Kaiser-Frazer Corporation got its start with the lease of three (3) aluminum facilities in Washington state from the U.S. government.
Before dabbling in asbestos, Kaiser-Frazer was known for the manufacture of an affordable automobile that used aluminum in place of steel, called the “Henry J,” from 1950-1954.
With the lease of the aluminum plants, Henry J. Kaiser renamed his company Kaiser Aluminum & Chemical Corporation.
Kaiser Aluminum mined bauxite, a sedimentary rock used to make aluminum, and added asbestos to its ingredient list in 1959.
The company also found success in manufacturing asbestos-containing refractory materials for use in the various industries its products supplied.
Eventually, Kaiser Aluminum had plants in 34 states.
Kaiser made and sold asbestos-containing fireboard (used on U.S. Navy ships) as well as block insulation, finishing cement, insulating cement, and shipbuilding materials.
For a period in the 1960s, the company imported raw asbestos fibers and redistributed them to other companies. In doing so, it functioned as a supplier and sold asbestos-containing products manufactured by other companies.
Facing an increasing number of asbestos injury lawsuits, the company filed for Chapter 11 bankruptcy on February 12, 2002, in U.S. Bankruptcy Court for the District of Delaware.
The Kaiser Asbestos Trust was formed in 2006 and began accepting claims on December 18, 2006.
According to its annual financial report, 17,291 claims were filed with the Kaiser Asbestos Trust in 2021. Of those, 13,204 were approved for payment. The trust has paid more than 200,000 claims since being founded.
The report also details that $45,147,563 was paid out in claims in 2021, adding to a total of more than $675,162,295 that the Trust has paid since it was established.
The current payment percentage is 18.2%, meaning that qualified claimants will receive 18.2% of the predetermined value allotted by the trust 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).
