In this powerful episode of AC.Law's "Asbestos Trusts" series, we delve into the legacy of United States Gypsum Corporation, formerly known as United States Gypsum Company (USG), a renowned player in the construction materials industry for over a century. Gypsum, a sulfate mineral used in plaster, chalk, and drywall, forms the foundation of USG's products.
Founded in 1901 through the merger of 30 plaster and gypsum companies, USG became a leading manufacturer of construction materials like wallboard and joint compound. Notably, in 1916, the company introduced Sheetrock, a term and product still widely used in the construction industry today, regardless of the brand.
However, the video raises awareness about the dark side of USG's history, as the company began incorporating asbestos into its products in the early 1920s and continued for around 50 years. Joint compound, tape, and plaster products were among the most popular and widely sold items in USG's asbestos-containing selection.
The consequences of USG's use of asbestos were far-reaching, as more than 40 asbestos-containing products reached commercial and industrial building industries, potentially exposing numerous individuals to asbestos fibers.
Similar to other asbestos corporations, USG did not disclose the dangers of asbestos to its employees and consumers. While the company reportedly conducted research on dust hazards in industrial settings in the 1930s, it did not make the findings public.
Despite halting the use of asbestos in its products in 1978, USG faced a staggering number of claims from workers (or their family members) in the early 1990s, totaling approximately 45,000 claims. The financial strain from settlements and jury verdicts led USG to file for Chapter 11 bankruptcy on June 25, 2001.
Subsequently, in 2007, The United States Gypsum Asbestos Trust was established with nearly $4 billion in funding. The trust provided a channel for claimants to seek compensation, with the current payment percentage set at 12.7%.
According to the trust's annual financial report in 2021, 14,531 claims were filed, and 13,972 were paid out, with 4,398 related to malignancy claims and 9,574 to non-malignancy claims. The report further details that $105,403,000 was paid out in 2021, contributing to a total payout of $3,855,000,000 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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