Welcome to AC.Law's "Asbestos Trusts" series, where we uncover the history of Kaiser Gypsum Company, founded in 1952 by Henry J. Kaiser. Known for his ventures in various industries, including the automobile sector and aluminum manufacturing, Henry J. Kaiser's company, Kaiser Gypsum, began as a manufacturer of asbestos-containing construction products such as cement, joint compound, insulation, and wallboard materials.
For over two decades, Kaiser Gypsum's asbestos-containing products were used by workers in the construction industry. However, the company reportedly made a switch in its formulas in 1978, discontinuing the use of asbestos in its products.
Throughout its operation, trades like builders, masons, pipefitters, and drywall workers regularly encountered the types of products manufactured by Kaiser Gypsum, potentially exposing them to asbestos in the course of their careers.
In 1978, the same year the company ceased using asbestos, Kaiser Gypsum was sold for $35 million to the Canadian company Domtar. Subsequently, Domtar sold Kaiser Gypsum to Georgia-Pacific, another company known for its involvement in the asbestos industry.
As asbestos injury claims against Kaiser Gypsum started to increase, the company and its affiliated company, Hanson Permanente Cement (formerly Kaiser Cement), faced almost 15,000 asbestos injury claims in 2016, leading to their joint filing for Chapter 11 bankruptcy on September 30, 2016.
The video informs viewers about the Kaiser Gypsum Settlement Trust, a new trust established in 2021, which began accepting claims in 2022. Being a new trust, no claims have been paid out yet. However, the trust set the payment percentage in November 2022 at 55.2%. This means that when the trust determines the payment value for each asbestos injury, qualifying claimants would receive 55.2% of that designated amount.
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).
