Shook & Fletcher Asbestos Trust Fund: Claim Types, Payments and Legal Options

Established in 2002, the Shook & Fletcher Asbestos Settlement Trust emerged as a pivotal solution to the rising asbestos claims against Shook & Fletcher. Rooted in bankruptcy and reorganization plans, this trust boasts an estimated $109 million, aimed solely at compensating the victims of asbestos exposure.

The chief aim of the Shook & Fletcher Asbestos Settlement Trust is to manage and compensate the victims affected by the company's asbestos products. The trust was born from the need to have an organized system to handle the growing claims. Spanning across a range of job sites, the trust accepts submissions from individuals who've experienced exposure to Shook and Fletcher products in one of approximately 400 distinct locations.

It's important to note that the trust's payment rate has seen fluctuations, with a noteworthy change in 2017, when the compensation rate dropped to 76%, a figure which then further decreased to 50% in 2019. Despite this, the compensation rate remains commendably higher compared to other asbestos trust funds.

To file a claim, one must have suffered from diseases directly linked to asbestos exposure, predominantly from Shook and Fletcher products. The claim processing facility ensures a streamlined process for individuals, particularly those who've worked in the mentioned job sites. The determination of compensation rate, however, has seen its fair share of variations, rooted in factors such as projected future claims, among others.

The trust's history also carries the weight of legal confrontations. A significant event in its legal timeline was in 1993 when Shook and Fletcher, along with 19 other asbestos manufacturers, sought a class action lawsuit to resolve their asbestos claims. This move eventually reached the Supreme Court, only to be turned down. The aftermath saw the company in a whirlwind of settlements with all its insurers, save for the Safety National Casualty Company, leading to another lawsuit concerning claims between 1983 and 1985.