Welcome to another informative episode of AC.Law's "Asbestos Trusts" series. In this installment, we delve into the history of Yarway Corporation, a company founded in 1908 under the name Simplex Engineering Company. Join us as we uncover its role in manufacturing component parts and equipment for power plants and other power-generation settings.
Yarway's extensive use of asbestos in products like gaskets, valves, and packing dates back to the 1920s. As the company expanded its success, it ventured into producing parts for the paper and chemical industries as well. However, the presence of asbestos in some of their offerings posed a significant risk to those working on high-temperature equipment, such as steam turbines or boilers, potentially exposing them to harmful asbestos fibers.
The video sheds light on the potential risks faced by U.S. Navy veterans who worked in engine rooms, boiler rooms, or areas containing Yarway products. Furthermore, civilians and military personnel in proximity to asbestos-containing equipment during maintenance or repairs also faced exposure risks.
Yarway's corporate history takes an interesting turn as it was acquired by Keystone International, Inc. in the late 1980s, and later became part of Tyco International in 1997. While Yarway products ceased to contain asbestos around 1988, some are still sold under the Yarway brand by Tyco International.
Asbestos injury lawsuits started to involve Yarway Corporation in the early 1990s, leading to over $100 million in settlements before the company filed for Chapter 11 bankruptcy on April 22, 2013. Subsequently, the Yarway Trust was established, and it began accepting claims in December 2015.
In 2022, the Yarway Trust received over 11,000 claims, and according to its annual financial report, it paid out $25,099,726 in claims that year, contributing to a total payout of over $125 million since its inception.
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. Currently, the payment percentage stands at 25%.
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).
