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Asbestos Settlements and Verdicts Financial compensation may be available if you or someone close to you has been diagnosed with a disease that is related to asbestos. Victims could receive compensation through settlements or verdicts in court. Compensation amounts differ, based on several factors. A knowledgeable mesothelioma lawyer will use their experience to determine what a possible amount of compensation could be for a specific case. Asbestos Trust Funds Asbestos trust funds are a vital resource for victims diagnosed with asbestos-related illnesses. They hold the money of companies who have filed for bankruptcy due to asbestos-related liabilities. Trust funds differ from lawsuits which can be filed against companies that have not filed bankruptcy. Lawsuits are a more involved procedure than trust fund claims since they require a judge or jury to determine whether the asbestos firm was the cause of your illness. Your attorney can also argue in court that the defendant should be compensated more compensation. Asbestos lawsuits may not be for everyone. Some people do not want to undergo the litigation process and prefer to the trust fund option of compensation. Each asbestos trust fund has its own rules and regulations regarding how they process and evaluate claims. Some have central processing partners who handle many aspects of a claim which can make it easier and speed up the process. Mesothelioma lawyers are knowledgeable about the intricacies of each asbestos trust fund and they can help you determine which one is the best fit for your particular situation. You'll need to provide documents and proof of your exposure to asbestos when you file a claim with an asbestos trust. This includes employment records as well as military service records and complete medical records, which include mesothelioma diagnoses from your doctor. It is recommended that you consult with a seasoned mesothelioma lawyer to ensure all required documents are filed correctly and on time to avoid delays in the review of your claim. Some asbestos trusts offer expedited review that settles claims quicker and with a set payout value. Individual reviews, on the other hand provide a more thorough analysis of your claim as well as the evidence provided. Individual reviews offer you the opportunity to discuss your case with your lawyer, which is not feasible in an expedited review. In the past asbestos trusts have paid out billions of dollars in settlements and awards to mesothelioma sufferers. The compensation awarded by trusts has helped mesothelioma victims and their families with costs associated with treatment loss of income, as well as other costs related to their asbestos-related disease. Bankruptcy Trust Funds When asbestos companies declared bankruptcy, courts required them to set aside money to pay victims for exposure to asbestos in the past. Trust funds for asbestos have been able to pay out around $20 billion since the late 1980s, with more than $15 billion between 2006 and 2012. The funds aid victims with medical expenses, lost wages and other expenses. An attorney for mesothelioma can assist patients in determining which trusts they might be eligible to apply with, and prepare and submit the necessary documents. Unlike lawsuits against mesothelioma defendants which are brought in either state or federal court, asbestos trust fund claims are dealt with by trustees from third parties who aren't directly affiliated with the defendants who are being accused of being sued. This helps ensure that trusts do not deplete too fast. In recent years, a few states have begun to regulate asbestos trusts and require them to share their information with plaintiffs and their lawyers. The amount of compensation a Trust pays may be less than a verdict in a mesothelioma case, as the courts don't have to consider punitive damages in addition to compensatory damages. A trust is the fastest method of receiving mesothelioma compensation. Trust fund claims are subject to the limitations or statutes. These vary from trust to trust and begin clocking on the date of diagnosis of asbestos-related disease or death. In most instances the filing of a claim is within two or three years following mesothelioma diagnosis or death is required. Asbestos Trusts provide two review options for victims that are individual reviews and an expedited review. The expedited review offers clients a fixed amount of money and takes about 90 days. Individual reviews are more thorough review of the evidence, and it is more time-consuming. Following the review the trust can begin the liquidation process, which confirms the amount the claim is worth. The amount is then awarded to the victim. If you have received an expedited review payment the trustee typically will not alter the predetermined financial value, but your mesothelioma lawyer may bargain with the trustee on other aspects of your case. Court Settlements Asbestos exposure victims frequently file lawsuits in order to receive compensation. The compensation awarded to plaintiffs could be used to pay for a variety of losses, including medical bills and lost income. The amount of compensation that a person receives depends on the extent of their illness as well as how long they've lived with it. The average asbestos settlement or verdict is between $1 million and $1.4 million. A lengthy legal process can take months to be completed. During this period both sides will collect facts and documents to support their arguments. This is the discovery stage of the litigation and may include depositions or interviews. The legal teams could also discover evidence that defendants were aware of asbestos' dangers and hid the information from their employees. The average settlement for mesothelioma is 90 days, however it can take longer if a case must be tried. The victims and their families must be patient throughout this process as an experienced attorney will do everything possible to ensure they receive the financial compensation they are entitled to in the shortest time possible. Asbestos lawyers are able to assess the circumstances of each victim and determine the compensation amount is appropriate to their requirements. Grand Rapids asbestos lawyers will consider medical expenses and treatment costs during negotiations to ensure that the victims have enough money to pay their bills. They will also look at how mesothelioma impacts a person's family and life quality. Keep track of all medical bills related to mesothelioma treatment. The more evidence a victim can provide, the higher chances they have of receiving more compensation. A lawyer can help victims and their loved ones organize and submit these documents to the asbestos trust fund or the courts. Another factor that can impact settlement amounts is if the victim is a spouse or child of an asbestos-exposed individual. In these instances the court will usually give a higher amount to compensate the survivor family member for the loss of their parent or spouse's companionship and guidance. Mesothelioma settlements and verdicts may differ from state to. Experienced asbestos lawyers will make sure to prepare an effective case to maximize the compensation victims and their loved ones receive. Verdicts A verdict is a legal declaration of fact made at the conclusion of an investigation by a judge or jury. A jury's verdict in an asbestos case is based upon a variety of factors, which could include the extent of your mesothelioma or other diseases, the companies involved, state law and much more. The size of the verdict can be used to determine the value of a settlement with asbestos. However, a reputable mesothelioma attorney will not reveal how much he or she thinks your case is worth, as there are many variables to establish the value of a dollar. An attorney for mesothelioma can use their knowledge of negotiation of settlements to give clients an idea of what their case could be worth. A knowledgeable asbestos lawyer can also provide you with guidance on how best to start a lawsuit against asbestos. A lawsuit against a company that is at fault is a legally binding contract that demands compensation for victims who have suffered financial loss due to asbestos exposure. Asbestos victims often receive substantial settlements that can be used to pay medical and living expenses. Compensation can also be used to cover emotional distress as well as pain and suffering, and loss of consortium. In many mesothelioma cases, victims will sue multiple companies that exposed them to asbestos. The companies were required to establish trusts to compensate victims of injuries after many of them went bankrupt due to asbestos litigation. Trusts are used to settle claims without the need for costly and lengthy court proceedings. Mesothelioma lawyers can negotiate with trusts to obtain fair and equitable payout amounts for their clients. In some instances the most efficient method to settle a claim is through an investigation. A successful trial could send a clear message to companies that put profits over the health and safety of asbestos-exposed employees and military service members. This can encourage asbestos manufacturers to settle cases involving asbestos victims before trial, in order to avoid negative publicity or expensive litigation. A verdict that is a winner will also allow victims to receive the maximum amount of compensation for their injuries.