Getting compensated for asbestos poisoning can involve participating in a class action suit, applying for a settlement trust, or filing a personal injury lawsuit. Most asbestos victims opt for the latter, in which case the trial will either conclude with a judgment or settle out of court. Settlement is the usual direction.
Settlement Trusts
An asbestos settlement should not be confused with an asbestos settlement trust. A settlement trusts are funds set aside through a previous asbestos lawsuit when a company is either bankrupt or defunct. There’s not much more to getting compensation through a trust than filing the paperwork. The claimant almost never has to testify in court or present anywhere near the same amount of evidence that would be required in a trial. Despite the ease with which these claims are processed, the compensation is discouragingly low—typically between 5% and 15% of a court judgment.
Settlements vs. Judgments
The best case scenario for the plaintiff would be to win a trial judgment quickly, which would almost always yield more personal injury compensation than an asbestos settlement. The reality is that most asbestos related lawsuits take years, especially for terminal illnesses like mesothelioma. Even when the plaintiff’s attorney can document that asbestos was present, it takes anywhere from 25 to 50 years for the symptoms to surface; so the diagnosis need to show that those symptoms were actually caused by the inhalation of asbestos fibers rather than some other carcinogen. It can be quite difficult to distinguish between the symptoms of lung cancer, for instance, and pleural mesothelioma.
By settling out of court, the plaintiff needs less ironclad proof to receive compensation. While it may seem odd that the defendant would be willing to negotiate in the face of weaker evidence, there’s a mutual benefit to an early settlement: the details of the case a kept private. This can keep the defendant from being the target for further lawsuits. Of course, the stronger the diagnosis and documentation supporting the plaintiff, the more leverage the lawyer has to press for a higher settlement.