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API, Inc. Asbestos Settlement Trust

The API, Inc. Asbestos Settlement Trust was established following API, Inc.'s Chapter 11 bankruptcy filing in 2005 due to numerous asbestos-related personal injury lawsuits. The Trust became effective on February 5, 2007, with initial funding of $94 million to compensate individuals affected by asbestos exposure linked to the company's products and operations.

The History

Founded in Roseville, Minnesota, API, Inc. specialized in the sale, distribution, and installation of insulation construction materials. From its inception until August 1, 1973, the company utilized asbestos-containing products. Beginning in 1982, API faced numerous personal injury lawsuits alleging asbestos - related diseases.

The bankruptcy of major asbestos product manufacturers, including API's principal supplier Owens Corning, led to increased litigation against distributors and contractors like API, culminating in the company's Chapter 11 bankruptcy filing in 2005.

Over $30 Billion is Available for Asbestos Settlements

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Purpose of the Trust

The Trust aims to provide fair compensation to individuals with valid personal injury claims resulting from exposure to asbestos - containing products used, sold, or distributed by API, Inc., or from asbestos exposure related to the company's operations.

Eligibility and Claim Process

Submitting a Claim

Claims need to be submitted via the official Claim Form.

Required Documentation

All required documents must be submitted along with the form.

Review Process

The Trustee reviews each claim individually.

Payment Order

Valid claims are paid FIFO (First In, First Out).

Find Asbestos Exposure Sites

Select your state, then choose a city and jobsite to view known asbestos exposure locations.

Compensation and Payment Structure

Payment Method

All claims are cleared on a FIFO basis.

Minnesota Liquidated Values

$316,250 for Malignant Mesothelioma (Level I)

$137,050 for Lung Cancer 1 (Level II)

$73,800 for Other Cancer (Level III)

$57,200 for Asbestosis (Level IV)

$30,150 for Pleural Disease (Level V)

North Dakota Liquidated Values

$117,087 for Malignant Mesothelioma (Level I)

$44,777 for Lung Cancer 1 (Level II)

$16,884 for Other Cancer (Level III)

$16,500 for Asbestosis (Level IV)

$12,000 for Pleural Disease (Level V)

Conclusion

The API, Inc. Asbestos Settlement Trust provides a structured mechanism to compensate individuals affected by asbestos exposure related to the company's products and operations. By following established procedures and payment structures, the Trust ensures fair and timely compensation for eligible claimants.