Victims injured by asbestos exposure have filed over 700,000 asbestos lawsuits. Most of these lawsuits resulted in an asbestos settlement. Asbestos settlements are popular because asbestos trials are very expensive and can drag on for years. Asbestos settlement amounts vary dramatically, ranging from thousands to millions of dollars. Our asbestos attorneys can assist you in obtaining the best asbestos settlement from those responsible for your injuries.
Asbestos is a naturally occurring fibrous mineral that was widely used in construction and consumer products until the 1980s. Asbestos is dangerous when its fibers are inhaled. When asbestos fibers are inhaled, they remain permanently lodged in the body and can cause serve and fatal disease such as mesothelioma, asbestosis, or lung cancer.
Between the 1930s and 1970s, workers in the construction, insulation, and manufacturing industries were regularly exposed to asbestos at work. Unfortunately, these workplaces were poorly ventilated and workers wore no protective clothing or gear to prevent asbestos exposure. As a result, many workers inhaled toxic asbestos fibers and became terminally ill.
Asbestos Settlement Amounts
The amount of an asbestos settlement depends on various factors, including:
- plaintiff’s damages
- defendant’s culpability
- other asbestos settlement results
- other asbestos trial results
- geographic regions where other asbestos settlements occurred
Asbestos settlements tend to be higher for wrongful death lawsuits than for personal injury suits because wrongful death asbestos settlements compensate for the loss of life and the survivors’ pain and suffering.
Asbestos settlements often include compensation for:
- medical bills
- lost wages
- pain and Suffering
- mental anguish
Individual Asbestos Settlements
Some individual asbestos settlements include:
- $2.6 million to a Kansas pipe worker diagnosed with mesothelioma
- $1.9 million to a power plant worker who developed mesothelioma from asbestos exposure
- $1.9 million to a plumber exposed to asbestos containing materials while working on a boiler
Some companies have reached multi-billion dollar asbestos settlements to settle all current and future asbestos lawsuits. These companies include:
W.R. Grace & Co.: In April 2008, the Maryland based chemical company reached a proposed asbestos settlement worth over two billion dollars. The asbestos settlement includes immediate cash payments, deferred cash payments, and stock options.
PPG Industries Inc.: PPG Industries manufactured asbestos containing pipe insulation from 1962 to 1972 and 435,000 asbestos-related claims had been filed against the company when it announced a $2.7 billion asbestos settlement in May 2002. The asbestos settlement included cash payments and common stock.
If you or a loved one has been injured by asbestos or would like more information about asbestos settlements, please contact us today.