Welcome to another enlightening episode of AC.Law's "Asbestos Trusts" series. In this segment, we uncover the history of United Gilsonite Laboratories (UGL), founded by Gerald B. Payne in 1932. Initially, UGL focused on manufacturing asphalt products and waterproofing materials with a small team of employees.
As the years passed, UGL made significant strides in the industry, producing one of the first polyurethanes in 1953—a versatile plastic polymer known as ZAR Crystallite Coating, widely used as a wood finish. However, prior to this innovation, UGL had already started incorporating asbestos into its joint compound and roofing products, which were often used for roof repairs, among other applications.
The video emphasizes the potential exposure risks faced by workers during the mixing or repair of asbestos-contaminated joint compounds, which could release asbestos fibers into the air, posing inhalation hazards. Construction and demolition workers, painters, roofers, and sheet-metal workers were among those routinely working with or around UGL's asbestos-tainted products.
UGL faced the consequences of its asbestos use and reportedly paid over $25 million in asbestos claims before filing for Chapter 11 bankruptcy in 2011. Subsequently, the United Gilsonite Laboratories Asbestos Trust was established in 2014 as part of the company's Plan of Reorganization, providing a channel for claimants to seek compensation.
According to the trust's annual financial report in 2022, 483 claims were filed, and the trust paid out $2.4 million in claims in that year alone. Since its inception, the trust has provided approximately $20 million in compensation to claimants.
The video explains the trust's payment process, where designated payment amounts are determined for each asbestos injury, and qualifying claimants receive a percentage of the overall value determined by the trust. The current payment percentage is set at 11%.
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).
