An asbestos bankruptcy trust was filed for in 2006 for ABB Lummus Global, 12040 Regency Parkway Cary NC 27518 under the name ABB Lummus Asbestos Trust. Asbestos bankruptcy trusts are typically set up so that people who become victims of asbestos exposure can potentially obtain financial compensation for any illness incurred as a result of such exposure, including mesothelioma.
Exposure to asbestos can lead to a number of serious illnesses. One of the most devastating diseases is mesothelioma, a malignant form of cancer. The survival rate for mesothelioma is extremely low because symptoms do not begin to appear until 30 to 40 years after inhalation of asbestos fibers has occurred. By the point of diagnosis, the cancer has reached the later and nearly incurable stages.
As people became aware of the dangers of asbestos and mesothelioma diagnoses became more prevalent, people began hiring asbestos lawyers and suing the companies responsible for their illnesses. As the number of these lawsuits increased, it became necessary for the manufacturers and distributors of asbestos products to file for bankruptcy and reorganize their debts in a way that would allow them to pay off their liabilities. Part of this process involved setting up trusts to settle the claims.
For decades, ABB Lummus Global used asbestos in many of its products including valves, insulation, generators, gaskets, and other types of equipment that it manufactured. After being involved in several asbestos and mesothelioma related lawsuits, in 2006 the company declared bankruptcy and formed the Lummus Asbestos PI Trust Fund. It contained $40 million which was set aside to settle asbestos-related liabilities. As of 2008, 12,304 claims had been resolved by the trust.For more information on this Asbestos Bankruptcy Trust, visit the Trust web site at http://www.abblummustrust.org/index.html