USG Pays Off Asbestos Trust
Article Added January 12th, 2007 - Print This Story - Bookmark This Story
This week brought an early holiday surprise for asbestos victims involved in lawsuits against building giant USG. The company paid off the remained of more than $3 billion in funds for asbestos victims.
Building material mogul USG has brought the holidays in a little early for the victims enrolled in a trust fund furnished by the company. The fund, which was part of USG’s bankruptcy agreement, was to provide $3.95 billion for asbestos victims that were to be paid in three installments, six months apart. The first payment of $900 million was paid in June, after the bankruptcy agreement was established. A surprising act followed in December, however, when USG paid the remaining $3.05 billion off to the fund.
The result is that many of the victims that suffer from asbestos-related respiratory illnesses will receive their funds earlier than expected. The victims, who contracted emphysema, asbestosis or mesothelioma as a result of the construction materials produced by USG, can now expect payouts within the first quarter of next year. Materials made by the company contain asbestos, which can fragment and be inhaled resulting in many different types of illnesses. Asbestos-related diseases like mesothelioma can takes years to manifest and be properly diagnosed, and are often times fatal by the time of detection.
Article Added January 12th, 2007 - Print This Story - Bookmark This Story
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