A group of mesothelioma and asbestos claims that were originally filed back in 1990 have finally reached a resolution, with over 2,000 individuals who were harmed by Pittsburgh Corning Corporation’s (PCC) asbestos-contaminated insulation products being awarded $178 million in compensation.
The mesothelioma and asbestos cases were originally filed in 1990, and were among over 200,000 such cases that were filed against the joint venture formed between Corning Glass Works and Pittsburgh Plate Glass Company back in 1937. Faced with the lawsuits, PCC had voluntarily filed for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Western District of Pennsylvania. The plan created an asbestos bankruptcy trust called the Pittsburgh Corning Corporation Asbestos Personal Injury Settlement Trust, which was tasked with evaluating and paying claims from funding of over $4 billion in funding. However, the original plan acknowledged over 2,000 Texas claimants referred to as the Cimino claims for special treatment: 160 of the 2000 cases were to be resolved in court and their results extrapolated to the others. When the Fifth Circuit rejected that plan, it left the cases without resolution and the Cimino claimants argued that their lawsuits should be heard outside of trust applications, but the trust argued to reopen the terms of its reorganization in order to include them.
An initial rejection of the claims issued by the asbestos bankruptcy trust read in part, “The Trustees do not believe these claims qualify as ‘Pre-Petition Liquidated Claims’ because they are based either on orders that the District Court ruled were not judgments or on judgments that were reversed by the United States Court of Appeals for the Fifth Circuit. The amount of these claims is so great, and the detrimental effect on other claimants so significant, if the claims qualify as ‘Pre-Petition Liquidated Claims’ that the Trustees consider it imperative to obtain clarification from the Court about this term of the Plan.”
The issue was recently resolved in a settlement agreement that is providing a $178 million compensation specifically to the Cimino mesothelioma and asbestos claimants. Though the original agreement was established at $38 million, an arbitration panel indicated that another $140 million would be part of the deal. The trust had argued against paying the claims at all because many of them had not gone to trial at all or had their verdicts reversed. The resolution of the claims filed more than 27 years ago by refinery and chemical plant workers, which was originally valued at $9 billion, will be finally .heard and resolved in court on Thursday, November 9th.
Getting the compensation you deserve following exposure to asbestos can take time, but eventually justice usually prevails. For information on your own rights and eligibility to file a claim, contact us today at 1-800-966-2244