A landmark asbestos case has finally reached the settlement stage in Charlotte, NC. EnPro Industries has announced that they will be paying out $480 million in current as well as future personal injury claims that relate to asbestos problems. The settlement will cover cases coming from EnPro as well as its parent company and former, bankrupt unit.
Personal Injury Settlements Old News for EnPro
This isn?t anything new for EnPro (formerly Garlock), which has been hit with asbestos related personal injury settlements since the 1980s. Asbestos was used by many U.S. companies throughout the 1970s and 80s; it served as a fire retardant insulation for a variety of homes and businesses. Eventually, though, it was discovered that particles of asbestos could enter the lungs and cause cancerous mutations to form. The original Garlock company, in fact, went bankrupt due to the cost of personal injury lawsuits filed by claimants as well as their surviving families.
As a result of the current lawsuit, EnPro has agreed to set up a $480 million personal injury trust. This includes about $17 million for resolving personal injury cases arising in Canada, as well. What many people might not realize is that approximately 96% of personal injury cases are actually settled through pretrial agreements. Personal injury attorneys can advise you on this more.
Personal Injury Settlement Time Frame
In many cases, the families of those suffering have to request compensation because they die before the case can resolve. It?s worth noting, though, that courts are aware that mesothelioma victims (this is a condition caused by asbestos) generally have a shorter life expectancy and will try and fast track these cases when possible. Depending on a variety of factors, though, some cases can take up to two years to settle, which is one reason you?ll want a qualified personal injury lawyer on your side.
How Much Can Personal Injury Lawsuit Settlements Pay Out?
How much money can you ultimately recover? Every case is unique. Some settlements will result in millions of dollars worth of punitive fines — even if you only need, say, $10,000 to cover the cost of medical care, a jury might believe that this is hardly enough to deter a multi-million dollar company from doing this again. They may subsequently award you a much higher amount so as to punish the company.
It also depends on how much money the company has, period. Victims who are suing EnPro now will likely receive the full amount they are asking for; victims who don?t develop symptoms until years later may have a harder time accessing appropriate amounts to cover their medical expenses, as the available funds may already be depleted. It?s also worth noting that cases that are resolved relatively quickly tend to pay out less money on average.
Do you have any experience with asbestos related personal injury settlements? Let us know. Find more.