Three asbestos manufacturing corporations have filed for Chapter 11 bankruptcy in the past month in an effort to halt a rising number of accumulating mesothelioma lawsuits. Many of the suits filed against Garlock Sealing Technologies, Bondex International, and Specialty Products Holding Corporation could result in multi-million dollar awards. The companies are setting up funds specifically for handling these legal cases. Bondex, who has been facing these kinds of lawsuits for over 20 years, had set aside $190 million to address all asbestos claims. However, this proved to be insufficient and they now have set aside another $288 million to handle more claims.
Verdict payouts to those suffering from asbestos exposure are often in the millions because of the intense suffering caused by asbestos-related diseases. For this reason, the trend of asbestos manufacturing companies filing for bankruptcy may continue to increase as more and more people are diagnosed with mesothelioma and other harmful asbestos-related ailments.
If you or someone you know has been exposed to asbestos, contact the Houston asbestos attorneys of Williams Kherkher, L.L.P. by calling 800-781-3955.