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Owens Corning Corporation Trust

Throughout the 1900s, most major building and construction material manufacturers used asbestos in their products. Asbestos is a toxic mineral that is naturally resistant to heat and corrosion, making it a popular additive in building materials. In the 1970s, however, asbestos was confirmed to cause cancer and other serious illnesses in those who are exposed.

Today, victims of asbestos exposure from products manufactured by Owens Corning Corporation – one of the largest brands in insulation and siding products – may qualify for financial compensation from an asbestos trust fund. To find out if you are eligible and how to access these funds, contact Bailey & Glasser, LLP for a free consultation with an asbestos attorney.

What Is the Owens Corning Corporation Trust?

Owens Corning has been manufacturing consumer products used in construction since the early 1900s. Unfortunately, asbestos was used as a primary ingredient in many of these items. Asbestos is a group of minerals that can cause asbestosis, mesothelioma, lung cancer and other serious illnesses. People who are exposed to asbestos particles can develop health problems if these particles get lodged inside of them. Over time (the average latency period is 20-60+ years), asbestos particles can cause harmful irritation, scarring and the development of cancer cells.

By the mid-1980s, nearly 85,000 victims of asbestos exposure had filed lawsuits against Owens Corning. These lawsuits forced the company to file for Chapter 11 bankruptcy in the year 2000. As part of its mandatory restructuring for bankruptcy protection, the Owens Corning/Fibreboard Asbestos Personal Injury Trust was created by the company. The money in this trust is preserved to compensate those who have injuries due to asbestos exposure from the company’s products.

What Asbestos Products Did Owens Corning Corporation Make?

Owens Corning was a well-known brand in the field of construction materials; mainly, insulation products. They pioneered new types of insulation from 1935 until around 1978, when class action lawsuits began to be filed against the company for asbestos-related illnesses and deaths. The company also acquired Fibreboard Corporation, a construction material manufacturer that focused primarily on vinyl siding and industrial insulation.

Throughout its history, Owens Corning has produced the following asbestos-containing products:

  • Insulation – Owens Corning was known for insulation products such as Kaylo Insulation and One Cote Insulating Cement. It added asbestos to these products and other cement and insulation products used for ductwork, piping, storage systems and industrial equipment.
  • Roofing tiles and siding panels – Owens Corning added asbestos to its roofing and ceiling tiles, as well as siding panels,due to the mineral’s fireproofing properties. The company’s roofing shingles may also contain asbestos.
  • Adhesives – Owens Corning also created mastic adhesives, which are high-strength glues often used in construction. These adhesives are popular for ceramic wall tile installation as well as vinyl floor tile installation.

Investigations into Owens Corning’s manufacturing processes as part of a 1999 court case showed that the company knew of the dangers of asbestos in its products, yet failed to warn employees and consumers. The company advertised its Kaylo insulation products as non-toxic while knowing they contained a toxic mineral. Owens Corning has been made to pay billions in settlements and verdicts during asbestos lawsuits for these acts of negligence.

Who Qualifies for Compensation From the Owens Corning Corporation Trust?

According to the National Cancer Institute, no amount of exposure to asbestos products is safe. However, research shows that regular or prolonged exposure to asbestos increases the chances of developing mesothelioma, an aggressive and terminal type of cancer with no known cure. This includes workers in high-risk occupations and residents who spend a lot of time in buildings constructed using products that contain asbestos.

Those who are most at risk of being exposed to asbestos through Owens Corning products include:

  • Homeowners
  • Construction workers
  • Architects
  • Demolition workers
  • Renovation and repair workers
  • Contractors
  • Roofers
  • Cement workers
  • Painters
  • Custodians
  • Shipyard workers
  • Maritime workers
  • Members of the U.S. Navy and other military branches
  • Insulation manufacturers
  • Firefighters and first responders

Individuals who were impacted by the presence of asbestos in Owens Corning products may qualify for financial compensation through one or multiple outlets. Filing an asbestos trust fund claim or mesothelioma lawsuit against this company could result in payment for your medical bills, loss of enjoyment of life, disability expenses, lost wages, pain and suffering, and other losses. Discuss the potential value of your case with an attorney.

How to File an Owens Corning Corporation Trust Fund Claim

Start your Owens Corning Corporation Trust Fund claim by determining your eligibility with help from a mesothelioma attorney at Bailey & Glasser, LLP. If you qualify for compensation through this asbestos trust fund, our lawyers can assist you with the filing process. We can provide information about this trust and decide which claim filing process is right for you: expedited review or individual review. Both have pros and cons depending on an individual’s unique situation.

Our attorneys can help you collect all of the required documents, records and other types of evidence to support your trust fund claim. Then, we can negotiate for the financial compensation that you deserve for your asbestos-related illness or the death of a loved one. If we believe you have grounds to file a personal injury lawsuit against Owens Corning Corporation – such as a product liability claim – we can assist you with this legal process, as well.

What Is the Trust’s Current Payment Percentage?

The Owens Corning Corporation Trust was originally funded with close to $7 billion to compensate victims of asbestos exposure. Currently, it contains close to $1.6 billion, still making it one of the largest asbestos trusts. According to the most recent notices by Owens Corning, its trust currently pays 5.9 percent of the value of a claim, while its Fibreboard Subfund Trust pays 4.4 percent.

Contact an Attorney for a Free Consultation

To find out if you qualify to receive compensation through the Owens Corning Corporation Trust Fund or another legal option, contact an attorney at Bailey & Glasser, LLP.

Our lawyers can investigate your case to search for a connection between your illness and Owens Corning products that are known to contain asbestos. We are committed to helping workers and other victims pursue justice from major manufacturers for preventable asbestos exposure. We have a deep understanding of how asbestos trust fund claims work. Contact us online or call (866) 871-7971 today to request a free case consultation with an attorney.