Welcome to another episode of Asbestos Trusts by AC.Law. Today, we're delving into the history of the Quigley Company, a refractory company founded in New York in 1916. Known for its early entrance into the asbestos industry in the 1930s, Quigley's most notable product was Insulag, an insulating material containing 10-15% asbestos fiber.
Quigley's products were essential for many industries, including smelting and metal, which required them for their equipment to function properly. However, the company's association with asbestos led to its downfall. After becoming a subsidiary of Pfizer, Inc. in 1968, Quigley faced numerous asbestos lawsuits, leading to the closure of its operations in 1992.
Despite ceasing operations, Pfizer couldn't escape the 160,000 lawsuits that pushed Quigley towards bankruptcy. On September 3, 2004, Quigley Company filed for Chapter 11 bankruptcy, and nearly a decade later, the Quigley Company, Inc. Trust was established with a $260 million contribution from Pfizer.
The Trust's current payment percentage is under reevaluation, but it previously ranged from 3.6%-14.5%. This means qualifying claimants would receive a percentage of the value designated for their specific asbestos injury. In 2022 alone, 17,295 claims were filed with the Trust, and $73,951,337 was paid out in claims, adding to a total of over $480 million paid since the Trust's 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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