Welcome to another informative episode of AC.Law's "Asbestos Trusts" series. In this installment, we dive into the history of Western MacArthur Company, which originated as The MacArthur Company in 1913, focusing on pipe insulation manufacturing and distribution of various insulation, roofing, and HVAC materials.
In 1967, The MacArthur Company merged with Western Asbestos Company, giving rise to Western MacArthur Company, which became a prominent manufacturer and distributor of asbestos-containing products. Both Western Asbestos and The MacArthur Company distributed Johns Manville (JM) asbestos products from the early 1900s, and Western MacArthur expanded into manufacturing asbestos insulation in the 1950s.
Throughout its operations, Western MacArthur supplied JM asbestos products to diverse locations such as chemical plants, hospitals, schools, and government buildings. Additionally, it provided asbestos products to shipyards for use in shipbuilding.
The video reveals that as early as 1977, Western MacArthur faced asbestos injury lawsuits filed by workers and family members affected by asbestos-related diseases. The mounting lawsuits took a toll on the company's finances, leading to its Chapter 11 bankruptcy filing on November 22, 2002.
Following the bankruptcy reorganization, The Western Asbestos Settlement Trust was established in 2004 with substantial funding of about $2 billion. This trust provided a channel for claimants to seek compensation for asbestos-related injuries.
According to the trust's annual financial report in 2022, 373 claims were filed, with a total payout of $27,442,433 in that year alone. Since its inception, the trust has paid out nearly $1.6 billion in compensation to claimants.
The video emphasizes that the current payment percentage for compensation stands at 51.1%. This means that qualifying claimants receive 51.1% of the designated payment value determined by the trust for their illness.
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).
