Hercules Asbestos Trust Fund: Claim Types, Payments and Legal Options

Delve into the history of Hercules Chemical Company, Inc.'s asbestos trust fund and uncover the crucial steps for submitting a compensation claim. Explore the purpose of the trust and the detailed claim submission process.

Table of Contents
Introduction
Trust Purpose and Functions
Claim Submission and Resolution
Current Payment by Claim Types
Asbestos Products
Legal Options & Free Legal Consultation

Introduction to Hercules Asbestos Trust

Hercules Chemical Company, Inc., a renowned name in the chemical industry, took a significant turn in its operations when it filed for Chapter 11 bankruptcy in 2008. By 2013, while its operations continued under the umbrella of Oatey, it laid a foundation to support asbestos-related claims by setting up its own trust fund.

Hercules Asbestos Trust Purpose and Functions

Post its emergence from bankruptcy, Hercules Chemical Company, Inc. prioritized addressing asbestos-related issues. Consequently, in 2010, an asbestos trust fund was established, fueled with an initial amount of $8.6 million. This trust aimed at offering compensation to those affected and began processing claims from 2011 onwards.

Hercules Asbestos Trust Claim Submission and Resolution

For those seeking compensation, understanding the claim submission process is crucial. Per the Trust's guidelines, claimants must submit a designated claim form as evidence of their claim. Detailed instructions for submission, including the claim form and mandatory agreements for electronic submissions, have been laid out by the Trust to ensure clarity and ease of process.

Hercules Asbestos Trust Current Payment by Claim Type

Current payment amounts for each type of claim:

Mesothelioma Claims:

Expedited Review: $70,000
Individual Review: $70,000
Ratio*: 2.0%

Lung Cancer Claims:

Expedited Review: $14,000
Individual Review: $14,000
Ratio*: 2.0%

* The trust funds ensure a fixed percentage of compensation known as a "ratio", which reserves funds for potential future victims based on the claim's worth.

Hercules Asbestos Products

For Heat’s Sake
Furnace cement
Sta-Put Stainless Putty

Asbestos Law Firms Near You

National law firms, with their experience in handling cases and trust fund claims across the country, can be a smart choice. Opting for a nationwide firm means you'll have a team of lawyers who know the ins and outs of asbestos cases in every state. They'll figure out the best place to file your claim and make sure it's done within the legal deadlines, all to get you the maximum possible compensation.