The end of 2022 saw a number of changes to the asbestos bankruptcy trusts, including site list updates to half of the trusts that saw changes during this time. As the Asbestos Case Tracker previously reported, the trend of trusts decreasing their percentage payments continued in the fourth quarter of 2022, with three more trusts doing so. Most notably, the Owens-Illinois Asbestos Personal Injury Trust was formed in 2022 as a result of the bankruptcy of Paddock Enterprises, LLC and its wholly owned subsidiaries to resolve all asbestos claims for which those entities had legal responsibility.
Below is a summary of the changes to 10 of the trusts that will certainly impact the amount of compensation available to individuals claiming asbestos-related injuries.
With the current trend, it is anticipated that more trusts will be tightening their belts and making adjustments both as to percentages paid out and for job sites that allow recovery. Asbestos Case Tracker will continue to monitor for significant changes.
Bankrupt Trust
Change
As of October 15, 2022, the approved site list was updated.
The approved site list was updated.
As of November 22, 2022, the payment percentage was decreased temporarily to 5%, pending consideration of proposed payment percentage adjustment to 6%.
Potential maximum values by disease for Contact Groups 1-5 was updated.
As of October 17, 2022, the payment percentage decreased to 2.0%.
Owens Corning/Fibreboard Asbestos Personal Injury Trust
The approved site list was updated.
On December 22, 2022, the approved site list was updated.
On November 29, 2022, the Trust decreased its payment percentage to 24.5%.
The approved site list was updated.