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Types of Settlement

In 1929, the first asbestos-related lawsuit was filed in the United States. Since that time, more than 700,000 lawsuits have been filed against over 6,000 companies. This comes to no surprise with an average of 10,000 people dying annually from asbestos-induced diseases. Health problems from asbestos exposure do not surface for years after initial exposure, typically 20 or more years. Because of this factor, cases of mesothelioma are expected to peak around 2020.

There is hope for relief for the thousands of people who have been affected by asbestos-related cancers. Those diagnosed with an illness caused by asbestos do have legal options to seek compensation, and there are a variety of ways to collect compensation from an asbestos claim. By consulting with an experienced mesothelioma attorney early in the claim process, you can increase the likelihood of a quick and fair settlement.

Settling a Claim In and Out of Court

An out of court settlement is a common occurrence in an asbestos claim. To initiate an out of court settlement, you must first file a lawsuit. A defendant may agree to an out of court settlement in order to save the time and expense of a trial. The compounding evidence that proves the health hazards of asbestos exposure, coupled with the volume of asbestos claims that have already made their way through the court system, causes many companies reason an out of court settlement is in their best financial interests.

If a company is resistant to an out of court settlement, or the amount of the first settlement offer does not seem fair, it may be necessary to take the case to trial. Keep in mind, even if a case goes to trial it can still be settled out of court. It is quite common for an out of court settlement to be negotiated during the trial process.

Class Action Law Suits

A class action suit is a large suit filed on behalf of a group or class of people. In some cases, the attorney in charge of the class action lawsuit will notify you of your involvement in the case. If you receive a notification regarding a class action lawsuit, you should read it carefully. Many of these suits are written to include everyone named in the suit. If you are named and do not wish to be included, you must notify the lawyer to have your name removed from the lawsuit.

In many cases, inclusion is a class action lawsuit may be advantageous. With a large group of claimants, an out of court settlement is likely. But there are some drawbacks to a class action lawsuit. By being included in such a large pool of plaintiffs, you will have no control over the direction of the case. The lawyer will not answer directly to you, but will work toward the resolution that is best for the largest number of claimants.

Another very important drawback of being involved in a class action suit is that it often disqualifies you from taking further action against the company. In other words, if you are involved in a class action suit and receive compensation, you are restricted from receiving additional compensation later, should additional health problems arise.

Filing a Claim with a Settlement Trust

If the company responsible for your asbestos exposure has declared bankruptcy, you will probably be required to file a claim with the company's established settlement trust to receive compensation. When you file a claim with the trustee of a settlement fund, they will determine the value of your claim and then pay a small percentage of that amount. While the amount that is paid varies, it normally ranges from five to 15 percent of the actual amount of your claim. With a settlement claim there are no visits to court or medical experts necessary. An experienced asbestos or mesothelioma attorney will fill out the claim form and submit it to the settlement trust. The claim will then be reviewed by the trustee of the account. For more information on this process, please read Bankruptcy.

For more information about settlements, trial proceedings, and other factors of asbestos litigation, please fill out the form on the right or give us a call at 1-800-ASBESTOS (1-800-272-3786) to receive a helpful information packet.

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