Many bankruptcy trusts expanded their approved jobsite lists in the second quarter of 2023, allowing compensation for more individuals who claim to have an asbestos-related injury. However, as can be seen below, many trusts also have decreased their payment percentages. In fact, only two bankruptcy trusts have increased their payment percentages during the 2nd quarter of 2023, while five bankruptcy trusts decreased their payment percentages.
The cause of the decreased payment percentages is mostly likely due to rising costs of inflation and an increase in asbestos filings so far in 2023 as we previously reported.
Asbestos Case Tracker will continue to follow these developments and provide a summary of the changes during the third quarter of 2023. The following is a list from this year’s second quarter:
Trust
Change
Decreased its payment percentage from 4.9 percent to 4.0 percent, effective June 16, 2023.
Decreased its payment percentage from 19.7 percent to 13.5 percent effective May 31, 2023.
Decreased its payment percentage from 8 percent to 7 percent effective June 23, 2023, and adjusted discounted cash payment amounts for all disease levels.
Published its First Amendment to its Trust Distribution Procedures effective April 17, 2023.
Released three updates in the second quarter of 2023 to its approved jobsite list.
Decreased its payment percentage from 18.1 percent to 15.5 percent effective June 19, 2023.
Published its Initial Payment Percentage of 55.2 percent determined on November 22, 2022.
Released three updates in the second quarter of 2023 to its approved jobsite list.
Released an update to its Fibreboard approved site list on June 9, 2023.
Released an update to its approved site list on June 9, 2023.
Released an update to its site list on June 8, 2023.
Increased its Funds Received Ratio from 11.5 percent to 16.5 percent effective April 24, 2023.
Released three updates in the second quarter of 2023 to its approved jobsite list.
Increased its Funds Received Ratio from 51.8 percent to 58.6 percent effective April 24, 2023.
Published its Fourth Amendment to its Trust Distribution Procedures effective May 10, 2023.
Released an update to its A.P. Green approved site list on June 8, 2023.
Decreased its payment percentage from 35 percent to 31.7 percent effective May 30, 2023.