Raymark Industries, also known as Raybestos-Manhattan Industries, is a brake and brake lining manufacturer based out of Stratford, Connecticut. Although the company went through various name changes to distance itself from its long history of asbestos use in its products, the asbestos-related lawsuits continued to surface, resulting in Raymark filing for bankruptcy.
With more than $30 billion currently set aside in trust funds, you may qualify for substantial compensation if you’ve been diagnosed with mesothelioma, asbestos-related lung cancer, or asbestosis. Fill out our form to receive our free Financial Compensation Packet. Our packet is loaded with information on leading mesothelioma attorneys in your area, how to file a claim for asbestos trust funds, how to get paid in 90 days, and more.
Established in 1902, Raymark first started out as the A.H. Raymond Company, named after its creators, but the name was changed numerous times shortly after, to Raytech, Raybestos Industries, Raybestos-Manhattan, and finally to Raymark.
The company created its empire around Raymark-brand brakes, which since the products’ beginnings, were littered with asbestos. For numerous years, the company knew of the dangers of asbestos, yet ignored all warning signs for profit. Per internal documents, records reveal that the past president of Raymark had a long history of suppressing information about using asbestos in the company’s products, which was later on one of the reasons that it lost so many lawsuits. In fact, records indicate that Sumner, on several occasions, hid evidence presented to the company that asbestos indeed dangerous, so that the financial gain could continue.
However, it wasn’t much longer before asbestos-related claims against Raymark began piling up as more and more people began developing malignant mesothelioma and other toxic diseases.
Raymark Lawsuits and Bankruptcy
Regardless of how much information the company tried to hide, the overwhelmingly proof showed that it frequently used asbestos in its products. In the 1980s, years after the Environmental Protection Agency (EPA) warned of the dangers of asbestos to humans, the company stopped using the toxic mineral in its products. However, it was only because a lot of money was being lost via asbestos-related lawsuits.
Although the company fought aggressively against the mounting lawsuits, there were too many people that were injured, and in turn, Raymark filed for Chapter 7 bankruptcy in 1998. Shortly after, Raytech, sought Chapter 11 bankruptcy. When it emerged, the Raytech Corporation Asbestos Personal Injury Settlement Trust was created. Per court documents, the asbestos trust fund has $52 million in assets, meant to handle asbestos-related, personal injury claims.
Raymark Environmental Exposure
According to the EPA, Raymark violated numerous environmental laws, leading to numerous people becoming ill that never worked for the company. A total of 41 residential homes were affected after decades of Raymark dumping hazardous wastes. Fortunately, at least 29 of the properties have since been cleaned up.
Additionally, schools, playgrounds, and public buildings were so contaminated due to Raymarks’ negligence that the Agency for Toxic Substances and Disease Registry (ATSDR) warned the public that they risk infection via clothing, soil, and simply breathing in the air. Stratford, Connecticut, in particular, has a high rate of danger. ATSDR states that residents of the area, ages 25 and under, has a higher than average rate of developing mesothelioma.
Additional Resources for Asbestos Victims
Remember, if you’ve been diagnosed with an asbestos-related illness, there is a good chance you’ll qualify for considerable compensation. Remember to fill out our from to get your free Financial Compensation Packet, with information on asbestos and mesothelioma lawyers in your area.