Owens Corning Asbestos Trust
The Owens-Corning Corporation is a large company that develops and produces insulation, roofing tiles, and fiberglass composites. The company exhibited negligence to their employees by withholding information on the dangers of asbestos, and to their consumers by falsely labeling products as non-toxic. The company faces thousands of lawsuits and, consequently, filed for Chapter 11 bankruptcy protection. Additionally, the company formed one of the largest asbestos trusts funded with $1.6 billion; the Owens Corning Fibreboard Asbestos Personal Injury Trust.
Get Help Now with Owens Corning Asbestos Trust
The Owens Corning Asbestos Trust was established to distribute funds to asbestos claimants. If you or a loved one worked at this corporation and has been diagnosed with mesothelioma or another asbestos-related disease, a lawyer at GPWLaw MI can help you with filing an Owens Corning Asbestos Trust fund claim.
Attorney help with Asbestos Bankruptcy Trust for Owens Corning
If you are an attorney or a law firm trying to file an asbestos claim with Owens Corning Asbestos Trust, we can help you. The lawyers at Goldberg, Persky & White P.C. have been fighting for victims of asbestos exposure for over 40 years. Give us a call today.
- Industry: General Building Materials, Composites
- Founded: Toledo, OH (1938)
- Years Operated: 1938-Present
- Headquarters: Toledo, OH
In 1935, two major American glassworks companies (Owens-Illinois and Corning Glass), merged to create the Owens-Corning Fiberglas Corporation. The newly formed global company had already reached sales of $2.6 million by 1938. As a result of further development of supplying additional products aside from fiberglass, the company decided to shorten its name to the Owens-Corning in 1996.
This company was the first to produce effective and affordable fiberglass insulations sought by homeowners and builders nationwide. Such products were especially in demand throughout the post-World War II housing boom. While the company became public in 1952, from the 1960s to the 1980s they continued to expand into new markets – and in 1957 the “Comfort Conditioned Home” program was launched to promote residential insulation sales.
Owens Corning created its pink fiberglass insulation in 1956, which is still considered to be the staple of the company. In 1980, to advertise its PINK ® insulation, the company acquired the Pink Panther cartoon character as a company mascot. This marketing tool was a great success and Owens Corning became a world leader in fiberglass insulation. In fact, for 59 consecutive years, Owens Corning has been a Fortune® 500 company with over 18,000 employees across 28 countries.
However, the 1980s became a tough year for the company. While facing large debt ($2.5 billion), the construction and new home building hit a rough patch in 1989. Additionally, the harm caused by the asbestos used in their products for decades caught up with the company as thousands of lawsuits against began to flow in – forcing the company to file for bankruptcy.
The decline of the company continued throughout the 1990s as they had been the defendant in roughly 84,500 asbestos-related lawsuits. Although in 1997 Owens-Corning acquired another manufacturer known as Fibreboard Corporation this ultimately placed them as a larger liability for lawsuits since that manufacturer had also previously utilized asbestos within their products.
Asbestos Use in Products
The growth of the company was primarily in part of the growth in demand for fiberglass insulation, as it had become the preferred insulation in homes and businesses across the country. However, insulating products must be heat and fire-resistant – which is why asbestos was incorporated into the company’s materials. Before it was considered a harmful carcinogen, the fire/heat resistant properties, easy access, and affordability of asbestos made it an appealing product ingredient to companies.
Until the early to mid-1970s most Owens-Corning products contained asbestos including the following products:
- Kaylo: A popular brand of insulation made from 1953 to 1972. Thick sheets called Kaylo Block and wrap-around insulation called Kaylo pipe insulation were among the several types of Kaylo. Such products, including insulation sheets, were commonly utilized on military vessels. It was not until 1972 that Kaylo products were discontinued. The following are additional products of Kaylo:
- Cold storage systems
- Duct insulation
- Equipment insulation
- Insulating block
- Insulating roof tiles
- Laminated panels
- Pipe insulation
- One Cote Insulating Cement: This asbestos-containing cement powder to be reconstituted with water was sold in large bags. Inhalation of the harmful asbestos fibers occurred to workers once the powder was released from the bag.
- OCF Mastic: The thick cement-type products known as mastic adhesives are widely used to repair or secure flooring and tiles in industrial settings. In order to increase the tensile strength and make it chemical and heat resistant, asbestos is added to mastic adhesives.
Additionally, Fibreboard utilized asbestos within their products – specifically floor coating, gypsum board, insulating cement, insulating tape, paper insulation, pipe covering, roofing felt, and roof paint. A good mesothelioma attorney can help you.
Owens Corning Asbestos Exposure
The company’s initial success rate places its products in various settings – most commonly including homes, businesses, and U.S. Navy ships or other cargo ships. As a result, many workers, family members, and/or consumers faced asbestos exposure.
The following occupants are considered to be at higher risk:
- Construction workers
- Demotion workers
- Military veterans
- Owens-Corning factoryworkers
- Shipyard workers
Although this is merely a simplified category of occupations, Owens Corning has provided an extensive list of occupations along with their industry and exposure rating.
Click here to download the extended occupation list.
Owens Corning set up dozens of manufacturing facilities across the country after years of expansion and employed thousands of workers in asbestos-filled plants. Each of the company’s facilities utilized asbestos or handled products that contained harmful fiber.
Employees may have been exposed to serious amounts of asbestos at the following plant locations:
- Owens Corning—Granville, Ohio
- Owens Corning—Oxford, Ohio
- Owens Corning—Toledo, Ohio
- Owens Illinois Glass—Perrysburg, Ohio
The company has also provided an extensive list of both Owens Corning and Fibreboard worksites.
Click here to download the list of Owens Corning worksites.
Click here to download the list of Fibreboard worksites.
Not only were such workers or consumers at risk – but loved ones that may have also faced secondary exposure as well. This type of exposure may occur when an individual unknowingly brings home the dangerous fibers on their work clothes, hair, and skin. While the usage of asbestos has significantly decreased and efforts to protect workers against the harmful fibers have strengthened, those who have previously faced exposure are still at risk of rare, life-threatening diseases such as mesothelioma.
Hazards of Owens Corning Asbestos Products
A vast array of medical research has warned workers of the risk of developing mesothelioma or lung cancer by handling products that contain asbestos materials. Even those who avoid direct contact with asbestos materials continue to be at risk for asbestos-related disease development as these fibers are extremely small in can be ingested via inhalation. Symptoms of diseases that stem from asbestos exposure typically vary – and can take decades to become visible. A Michigan mesothelioma lawyer can help victims diagnosed with asbestos-related diseases in Michigan.
With company leaders not informing their workers or consumers of the hazards of asbestos, the necessary safety precautions had not been taken to protect individuals. Owens Corning’s multiple uses of asbestos make it such a widespread health concern for individuals all over the country.
Employers are responsible for providing their employees with a safe working environment. They must compensate their former employees if they fail to protect their workers.
Owens Corning Asbestos Trust and Litigation
By 1990 alone, Owens-Corning was the defendant in roughly 84,500 lawsuits related to asbestos. Additionally, an estimated 3,000 people per month developed an asbestos-related disease despite the sale of Owens Corning’s last asbestos product in 1972.
In 1997, a plaintiff suffering from mesothelioma was awarded $31 million in punitive damages by a Florida jury. This was a landmark case against Owens Corning. It was also discovered that the company masked the dangers of asbestos by hiding information from its employees and falsely advertised harmful products as non-toxic to consumers. As a result, the jury agreed that the company had been well aware for more than three decades of the risks asbestos prose; awarding an additional $1.8 million in compensatory damages.
The acquisition of Fibreboard only increased the amount such lawsuits brought on by injured workers, family members, and consumers. In order to handle the increasing asbestos-related claims filed against Owens-Corning, the company was required to set aside funds to compensate current and future victims after filing for Chapter 11 Bankruptcy Code in 2000. A New York mesothelioma lawyer can help those diagnosed with mesothelioma in new york.
Owens-Corning Trust Fund
As a result of the bankruptcy of Owens Corning and its wholly-owned subsidiary Fibreboard, the Owens Corning Fibreboard Asbestos Personal Injury Trust was formed in October 31, 2006 to resolve all current and future asbestos claims for which those entities were legally responsible.
The trust is organized to pay all valid claims against these defendants and any related protected parties for personal injury asbestos. This is in direct accordance with the Trust Distribution Procedures (TDP) – approved by the bankruptcy court.
According to the official website of the trust, their intention is to “… provide fair, equitable and substantially similar treatment for all PI Trust Claims that may presently exist or may arise in the future in substantially the same manner.”
The trust was funded with more than $7 billion and have been allocated to compensate victims who have developed a disease following asbestos exposure via Owens Corning products and/or working directly for the company. Within two years of the funds start it has paid out more than $361 million to claimants.
Like many companies, the executives at Owens-Corning decided to turn a blind eye to the known hazards of asbestos and labeled their products as non-toxic. Although they remain in business today and produce asbestos-free products, their previous negligence has resulted in unchangeable damages. If you or a loved one has been affected by asbestos-exposure from Owens-Corning – or any company that utilized asbestos products – and are seeking expert help, contact us today. Our asbestos-disease experts will get the answers you need. The best mesothelioma lawyer at GPWLaw MI can help you file a claim.