The asbestos industry was not a flourishing one, until the late 1800s. This good news would have been installed had it never flourished as it did for a few decades before a complete ban. Mineral in name alone, asbestos’ ill-effects continue to plague the world to this day.
Studies have found that nearly 1,300 Americans die from asbestos-related diseases every year. Such an issue calls for a legal recourse, which currently seems challenging for the victims. What is the fuss regarding asbestos all about?
In this article, we will discuss the victims’ dilemma in detail along with the evasion of responsibility on the manufacturers’ behalf.
A Deadly Mineral That Calls for Justice
If you were of the impression that asbestos is as modern as we are, you’re quite mistaken. The first recorded use of this mineral dates back to 2,500 BC. During the Stone Age, asbestos became an important component of strengthening ceramics.
The mineral was mined, and its fibers were released upon crushing by hand. After centuries, large deposits of asbestos were discovered in the northern US and Canada during the late 19th century. The mass availability of the mineral combined with inexpensive production made it an attractive option for building materials.
After much experimentation, it was found that asbestos was fire-resistant and worked well with acoustical plaster. That’s when the saga of using it for decades in buildings started. Little did anyone know at the time what grave repercussions were waiting in store.
By 1933, the first case of asbestosis was reported. It is a chronic lung disease caused due to inhalation of asbestos fibers. Gradually, more cases of similar and sometimes deadlier nature emerged. As per TorHoerman Law, people started developing mesothelioma and lung cancer. As a result, the mineral was banned from mining in 2001.
The ban did not affect those structures that had already been built based on asbestos. This means the public continues to be at risk of inhaling the fibers, thereby contracting one of the aforementioned conditions. It is precisely why we hear of asbestos-related injuries even today.
Some may doubt the legal recourse, asking, “Can I sue for asbestos exposure?” The answer is a resounding yes. If someone is diagnosed with asbestos-related injury, they have the right to sue the responsible parties, be it a rented personal or commercial property. The only thing is that the plaintiff must prove the defendant’s negligence in the matter.
Average Payouts and Litigation Progress
The asbestos or mesothelioma lawsuit has been ongoing for over four years now. One case in particular received a verdict of $7.2 million back in May 2022. It was a wrongful death lawsuit in which the decedent was a 62-year-old male who died of pleural mesothelioma.
It was later discovered that James O’Reilly’s condition was due to asbestos exposure after decades of working as an industrial pipe fitter. The trial in this case lasted for 14 days, after which the jury gave its verdict in favor of the plaintiff.
Fast-forward to 2023, and we have a California jury awarding as high as $107 million to the family of a 45-year-old janitor. This was not only a case of negligence but also of malice on the part of Union Carbide.
Every year, thousands of asbestos lawsuits are filed. The aim is to receive the required compensation for treatment expenses and non-economic damages. It is estimated that the average settlement in this litigation would range between $1 million and $2 million. In case of a trial verdict, the amount may reach as high as $11 million.
The exact amount will depend on factors like:
- The severity of the plaintiff’s injuries
- Their age
- The degree of negligence on the defendant’s part
- The strength of the evidence
- The statute of limitations
- Details regarding asbestos exposure
Attorneys continue to accept filings for the asbestos lawsuit, which is still growing.
Desiring a Slice of the Asbestos Pie
One company in particular, Berkshire Hathaway, has faced immense criticism and backlash for delaying/denying victims fair compensation. It is believed that defendants in this litigation are often prone to drag it for years or long enough for the victims to die.
Now that Berkshire Hathaway has put an end to its aggressive practices, it seems like private equity firms are entering the asbestos liability game. Being first in the sector, Hathaway was able to charge manufacturers with a fortune. Now that the market has become more competitive, private equity firms desire a slice of the asbestos pie.
Deliticus is a major example of a Wall Street firm acquiring asbestos liabilities. Such firms are in an extremely advantageous position, as they can use the Texas two-step scheme in their favor. This scheme is essentially a legal maneuver using which subsidiaries can be formed to offload asbestos liabilities. Ultimately, the firms can file for bankruptcy, thereby trapping the victims’ legal claims.
These toxic asset investment moves are not limited to the asbestos liability realm. They have their wings spread far and wide, even across per- and polyfluoroalkyl substances (PFAS) and the Federal black lung. The former refers to toxic chemicals used in firefighting foam and other industrial products.
The latter is about a program by the US Department of Labor to compensate workers who developed lung cancer due to coal mining. Since the playbook is the same, so are the tricks. Private equity firms are demanding huge payouts for corporate liabilities and, in turn, delaying or denying victims’ claims. It is a tactic to make money off of the victims, which is wrong and evil.
Overall, we see a scenario emerge where asbestos manufacturers and other Wall Street firms are trying to evade responsibility. The risk for future asbestos plaintiffs is grave as they may have no immediate recourse for medical support. Though the number of case filings in the asbestos lawsuit has decreased each year, the payout per claim has increased.
In that light, it may make sense that manufacturers are getting rid of their asbestos liabilities and assets. The current scheme is cunning and complicated, milking more profits out of a catastrophe that is already unfolding. This will only cause twice the harm to innocent victims, should there be no stop to the mayhem.
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