As previously reported on Asbestos Case Tracker, by the end of the first quarter of 2021 there were 11 trusts which had changes impacting the amount of compensation available to individuals claiming asbestos-related injuries. As the second quarter of 2021 comes to a close, there are now changes to nine trusts, five of which also saw changes at the end of the first quarter. Below is a summary of the changes, to date.
|Celotex||Increased its payment percentage from 7.7% to 8% and adjusted discounted cash claim payment amounts effective May 25, 2021|
|DII Industries, LLC||Released an updated approved job site list for Halliburton and Harbison-Walker claims|
|Eagle-Picher Industries, Inc.||Released multiple updates to its approved job site list in the second quarter of 2021|
|Keene Creditors||Released multiple updates to its approved job site list in the second quarter of 2021|
|Maremont||Released multiple amendments to its Trust Distribution Procedures|
|Raytech||Released multiple updates to its approved job site list in the second quarter of 2021|
|Sepco||Established its Initial Payment Percentage of 10%|
|United States Mineral Company||Decreased its payment percentage from 30% to 15% effective June 14, 2021|
As can be seen, many trusts have expanded their approved job site lists, allowing for compensation for more individuals who claim to have an asbestos-related injury. It will be interesting to see how the 2021 PROTECT Asbestos Victims Act affects the claims against bankrupt entities if it is enacted. Further, just last week, MSP Recovery LLC, a collection agency for Medicare service providers, filed suit in the U.S. Bankruptcy Court in Los Angeles, alleging that J.T. Therope Inc., as well as other trusts, have failed to notify or reimburse Medicare when paying compensation to individuals who were treated in the Medicare system. This issue is also one of the objectives of the 2021 PROTECT Asbestos Victims Act.—The Wall Street Journal
Asbestos Case Tracker will continue to follow these developments and provide a summary of the changes during the third quarter 2021.