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Home / Blog / Mounting Legal Bills Lead Companies to Settle with Mesothelioma Victims

Mounting Legal Bills Lead Companies to Settle with Mesothelioma Victims

Published on November 12, 2021
Paul DanzigerPage Reviewed and Edited by Mesothelioma Attorney Paul Danziger

With an estimated 80,000 personal injury claims pending against them from mesothelioma victims and others, and countless more to be filed in the future, asbestos companies Aldrich Pump LLC and Murray Boiler LLC have reached a settlement agreement with plaintiffs’ attorneys. If approved by the bankruptcy courts, the settlement will set aside $545 million for victims and allow the companies to stop defending themselves in court.

Asbestos Bankruptcy Trusts End Legal Battles and Provide Options for Mesothelioma Victims

Many companies accused of negligence by mesothelioma victims and others diagnosed with asbestos-related diseases were forced to file for bankruptcy. The courts required them to establish trust funds that would ensure that their victims would be compensated for their illnesses, and in total these asbestos bankruptcy trusts funds are valued at more than $30 billion. 

According to court records, Aldrich Pump and Murray Boiler have paid approximately $100 million per year to defend themselves against mesothelioma claims and claims from other victims of asbestos. The two are each part of Trane Technologies, an Irish-based organization that manufactured asbestos-contaminated parts for equipment. Facing tens of thousands of suits that have already been filed or that may be filed in the future, the companies filed for bankruptcy protection and began negotiating with victims’ representatives to reach a suitable agreement.

Court Approval of Mesothelioma Bankruptcy Settlement Pending

Though the bankruptcy court has not yet approved the agreement, if they do it will create a fund containing an initial lump sum cash payment of $540 million, with $45 million set aside to pay for the trust’s administration and the remainder being set aside to pay claimants. The settlement value of lawsuits that have already been filed has been set at $125 million. 

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Paul Danziger

Page Reviewed and Edited by Mesothelioma Attorney Paul Danziger

Paul Danziger grew up in Houston, Texas and earned a law degree from Northwestern University School of Law in Chicago. For over 25 years years he has focused on representing mesothelioma cancer victims and others hurt by asbestos exposure. Paul and his law firm have represented thousands of people diagnosed with mesothelioma, asbestosis, and lung cancer, recovering significant compensation for injured clients. Every client is extremely important to Paul and he will take every call from clients who want to speak with him. Paul and his law firm handle mesothelioma cases throughout the United States.

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