Flintkote Company and Flintkote Mines Limited Asbestos Personal Injury Trust
The Flintkote Company and Flintkote Mines Limited collectively filed for bankruptcy in 2004 following the increased number of asbestos - related lawsuits against the companies. After 11 years, the Flintkote Asbestos Trust was established in 2015 with an initial funding of $214 million. The trust started accepting claims on December 14, 2015. For the Flintkote payment percentage of claims, 15% of the scheduled value applies to Expedited Review, while 15% of the gross settlement value applies to Individual Review.
The History
Founded in 1901, the Flintkote Company initially gained success with its asphalt shingles. From the 1920s to the 1980s, the company produced roofing products containing asbestos, leading to its involvement in numerous asbestos - related mesothelioma and cancer lawsuits. By 2004, Flintkote had resolved approximately 350,000 claims. However, the mounting litigation costs forced the company to file for Chapter 11 bankruptcy in the same year. The Flintkote Company & Flintkote Mines Limited Asbestos Personal Injury Trust was eventually established in 2015 to address these claims.