Some Mesothelioma Payments In Trouble As Economy Slows
Despite having been virtually eliminated from most manufacturing and production processes
in the mid 1970s, asbestos is still known to cause latent and chronic health problems. Exposure to asbestos through the workplace, especially those persons who have worked in positions involving the manufacture or production of insulation, roofing tiles, construction materials, boiler production, and a host of other industries, has left many individuals suffering from debilitating and sometimes terminal illnesses. Asbestosis, lung cancer, or mesothelioma, a rare but deadly cancerous affliction, are all directly linked to the inhalation of toxic asbestos fibers.To this end, many of those injured seek legal recourse through a qualified mesothelioma law firm in order to recoup a portion of their losses, both financially and in the disparity between their current and former quality of life. Often times, mesothelioma settlements are monetarily significant; it is not uncommon for victims to be awarded settlements in the millions of dollars. These large sums are then paid out to the victim and their families over the course of several years, though there are ways an individual can receive their payments in a lump-sum format. This one-time payment is often chosen by individuals whose prognosis is grim. These payments are also significantly reduced from the total awarded amount due to taxes, fees, and other legal restrictions on the amount.
Many companies who have used asbestos in their production or manufacturing have set up large funds to pay for settlements and judgments against them. However, the current economic climate has forced some companies to ask for assistance in continuing their payments to victims of asbestos-related illnesses. One such company, James Hardie Industries NV, received a $293 million state loan to ensure the company could pay out their obligatory compensation payments to workers involved in settlements against the company. Some estimates say that the company's fund would have run out within 12 months had they not been approved, causing them to default on their payments to individuals and families of those exposed to asbestos.
It is absolutely paramount then that just as governments have supported other businesses during this time of economic hardship, they support companies which in turn support families and individuals. At a time when certain financial institutions have received literally billions of dollars in funding, it seems that it would behoove governments around the world to support their citizens by sustaining those companies with overwhelming financial obligations.
Additionally, it is also in the best interest of anyone who has been exposed to asbestos and developed health complications due to this exposure to consider the possibility of legal action. Developing a mesothelioma lawsuit could provide individuals with monetary compensation to assist them with costly medical bills and drastically improve their quality of life.
by: Katie Kelley