How Are Asbestos Victims’ Rights Protected?
When a company creates an asbestos bankruptcy trust, it must work with a Claimant Board. This board is usually made up of attorneys that represent current claimants (victims). The company must also work with someone that represents future claims against the company. The Claimant Board and Future Claims Representative must work together to make certain that the funds are both available as soon as possible for current claimants, and that an equal share will also be available for future claimants. Any trust distribution plan that the company proposes must be accepted in a vote by at least 75% of the Claimant Board and be approved by the bankruptcy court.
