In this episode of Asbestos Trusts, we delve into the history of Raybestos-Manhattan, later known as Raybestos, a company that played a significant role in the asbestos industry. Join us as we uncover the company's origins, its involvement with dangerous minerals, and its impact on workers' health.
Founded in 1902 as the A.H. Raymond Company, Raybestos-Manhattan initially focused on brake manufacturing. The company later changed its name to Raybestos around 1916, possibly to reflect its use of a certain dangerous mineral in some of its products, such as brake linings, gaskets, and valves.
In 1929, Raybestos merged with Manhattan Rubber Manufacturing Company, leading to the formation of Raybestos-Manhattan Friction Materials Company, often referred to as RM for convenience. Unfortunately, RM gained infamy for its role in covering up knowledge about the dangers of asbestos exposure as early as the 1930s.
RM manufactured over 20 different products containing asbestos, including automotive and aircraft components, aprons, and rope. As a result, various occupations faced significant risks of developing asbestos-related diseases due to exposure to RM products. Mechanics, insulators, refinery and factory workers, and boilermakers were among those most vulnerable to such health hazards.
Struggling with expensive asbestos litigation, RM created subsidiary companies, Raymark Corporation and Raytech Corporation. Both entities filed for bankruptcy in 1989, with Raymark filing for Chapter 7 and Raytech for Chapter 11.
The reorganization process and the establishment of a trust took 11 years after Raytech filed for Chapter 11 bankruptcy protection. In 2001, Raytech Corporation formed the Raytech Trust under its Chapter 11 Plan of Reorganization. The current payment percentage stands at 0.92%.
According to the 2022 annual financial report filed by the trust, it settled $1,274,219 in claims and received 3,776 newly filed claims. Since its inception, the Raytech Trust has paid out 154,185 claims, totaling approximately $35 million.
At AC.Law, we have a proven track record of helping thousands of individuals receive compensation for their asbestos-related injuries. If you or a loved one has been affected by asbestos exposure linked to Raybestos-Manhattan or Raytech Corporation, allow our experienced team to guide you through the claims process. Your health and rights are of utmost importance to us, and we are committed to fighting for the compensation you deserve.
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).
