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Asbestos Settlements and Verdicts Financial compensation is possible if you or someone close to you has been diagnosed with a condition that is related to asbestos. Victims could receive compensation through settlements or verdicts in court. Compensation amounts can vary depending on a variety of factors. A knowledgeable mesothelioma lawyer will use their experience to determine what the potential amount of compensation is for a particular case. Asbestos Trust Funds Asbestos Trust Funds are a valuable resource for those who suffer from asbestos-related diseases. These funds contain money from companies that have filed for bankruptcy because of asbestos-related liabilities. Trust funds are separate from lawsuits, which can be filed against a business that has not filed for bankruptcy. Baton Rouge asbestos attorneys are more complicated process than trust fund claims as they require a jury or judge to determine whether the asbestos company was responsible for your illness. Your lawyer can also argue in court that the defendant should be compensated an amount that is higher. However, asbestos lawsuits are not appropriate for all. Some people prefer compensation through trust funds instead of going through the court process. Each asbestos trust fund has its own rules and regulations regarding how they process and review claims. Some have central processing partners who handle multiple aspects of a claim which can streamline and speed up the process. Mesothelioma attorneys are knowledgeable about each asbestos trust fund and can help you select the most appropriate one for your particular situation. If you are filing with an asbestos trust, you'll be required to provide documents and evidence that prove your exposure to asbestos. This includes employment records, military service documents and full medical records, including mesothelioma diagnoses from your doctor. To avoid any delays in the examination of your case, it is recommended to consult with a lawyer with expertise in mesothelioma. This will ensure that all documents are filed in a timely manner. Some asbestos trusts offer expedited reviews, which allow you to settle claims faster and with a fixed payout value. Individual reviews, however, examine your claim in greater depth and take into consideration all the evidence. Individual reviews give you the opportunity to negotiate with your lawyer, which is not possible in a speedy review. In the past, asbestos trusts have paid billions of dollars in settlements and awards to mesothelioma patients. These trusts have paid compensation to families of mesothelioma victims for the cost of treatment loss of income, treatment costs, and other expenses incurred by their asbestos-related illness. Bankruptcy Trust Funds Asbestos companies were required to set aside funds when they filed for bankruptcy to compensate victims for past exposure. Trust funds for asbestos have paid out about $20 billion since the late 1980s, with more than $15 billion between 2006 and 2012. These funds help victims with medical bills, lost wages and other expenses. A mesothelioma attorney can assist victims in determining which trusts they are eligible to apply for, and prepare and submit the necessary documents. Asbestos trust fund claims are handled by trustees from third parties, who are not directly associated with the companies that are being sued. This ensures that trusts don't deplete too fast. In recent years, some states have begun to regulate asbestos trusts and require trusts to share information with plaintiffs and their lawyers. Trust compensation could be less than a verdict from mesothelioma lawsuits, since the courts do not have to look at punitive damages in addition to compensatory ones. However, filing for a claim with trusts is typically the fastest way to receive mesothelioma-related compensation. Trust fund claims must be filed within the timeframes of limitations, which are different for each trust and start clocking at the time of diagnosis or death caused by an asbestos-related illness. In the majority of instances it is necessary to file a claim within two or three years after mesothelioma diagnosis or death is required. Asbestos Trusts offer two review options for victims including an individual review and an expedited review. The expedited process offers a fixed amount of money to the victim and typically takes no more than 90 days. The individual review requires a more detailed look at the evidence and takes longer. After the review, trusts will begin the liquidation process, which confirms the amount of the claim. The victim is then awarded the amount. If you have received an expedited review payout the trustee will typically not change the predetermined monetary 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. Compensation may cover medical costs and lost wages. The amount of compensation a person receives is contingent on the severity of their illness and how long they have lived with it. The average asbestos settlement or verdict is between $1 million and $1.4 million. Legal lawsuits can be a lengthy process that can take several months to complete. During this period, both sides will gather documents and facts to support their arguments. This phase of litigation is known as discovery and could include depositions or interviews with witnesses. Legal teams may also find evidence that the defendants were aware of asbestos dangers and concealed the information from their employees. The average mesothelioma settlement takes only 90 days to reach, but it can be longer in cases that need to go to trial. The families of the victims should be patient throughout this process, as a skilled attorney will do everything to secure the financial compensation they are entitled to as quickly as possible. Asbestos lawyers are able to assess each victim's situation and determine the best amount of compensation that will meet their specific requirements. The lawyers will take into consideration medical costs and treatment costs during negotiations to ensure that victims have enough funds to cover their expenses. They will also take into consideration how mesothelioma affects a person's family and life quality. Keep an eye on all medical bills associated with mesothelioma treatment. The more evidence an individual patient provides, the better chances they have of receiving a higher compensation. A lawyer can help victims and their families organize and submit these records to the asbestos trust funds or the courts. Another factor that can impact settlement amounts is if the victim is a spouse or child of an asbestos-exposed person. In these situations, a jury will often give a higher amount to compensate the surviving family member for the loss of their parent or spouse's companionship and guidance. Mesothelioma settlements and verdicts vary from state to state. Asbestos lawyers who have expertise will craft a convincing argument to maximize the amount of compensation available to the victims and their families. Verdicts A verdict is a legal finding of fact, which is reached at the end of the trial by a jury or judge. A jury's verdict in an asbestos case is based on a range of factors, which could include the severity of your mesothelioma or other illness, the companies involved, state law and many more. The amount of the verdict may be used to determine the amount of a settlement for asbestos. A reputable mesothelioma lawyer will not reveal how much they think your case is worth because there are many variables to provide an exact dollar amount. A mesothelioma lawyer can draw upon their experience in negotiation of settlements to provide clients with an idea of what their case could be worth. An experienced asbestos lawyer can also advise you on the best method to take on an asbestos lawsuit. A lawsuit filed against an at-fault firm is legally binding and requires the company to pay compensation to victims who have suffered financial losses due to their asbestos exposure. Settlements for asbestos victims may typically be substantial, and the money they receive could be used to pay for medical bills and living expenses. Compensation can also cover emotional distress as well as pain and suffering, and loss of consortium. In many mesothelioma cases, patients will file a lawsuit against multiple companies that exposed them to asbestos. The companies were required to establish trusts to compensate injured victims after a number of them failed because of asbestos litigation. Trusts are used to settle claims without the need to pay for costly and lengthy court proceedings. Mesothelioma attorneys can negotiate with trusts to obtain fair and equitably-paying amounts for their clients. However, in certain cases, the most efficient way to settle a case is through a trial. A successful trial can convey a powerful message to businesses that place profits over the safety and health of workers and military personnel exposed to asbestos. This could encourage many asbestos producers to settle with asbestos victims before their cases reach trial to avoid negative publicity and costly litigation. A successful trial can also help victims receive the maximum amount of compensation for their injuries.