Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

Product Liability Law & StrategyKickerFeaturesSectionsNewsLJN Newsletters

Ten Tips for Traversing the Terrain of Asbestos Bankruptcies

By Joseph D. Frank and Frances Gecker
March 01, 2004

Bankruptcy has emerged as a dominant avenue for resolving mass product liability cases and, in particular, asbestos liability cases. Plaintiffs already have filed hundreds of thousands of asbestos claims, with many experts surmising that the peak of asbestos litigation is not yet in sight. Asbestos encompasses a family of naturally occurring fibrous materials that have superior insulation and tensile strength properties. Manufacturers began to exploit the flame-retardant and insulating properties of asbestos in heavy industrial use in the 1940s and incorporated asbestos into as many as 3000 products by the early 1970s, when industrial usage peaked. From automotive applications, such as gaskets and brakes, to home uses, such as roof shingles and attic insulation, the use of asbestos for commercial applications proliferated throughout most of the 20th century and still continues today at a decreased rate. The United States still consumes approximately 16,000 metric tons of asbestos each year.

Although asbestos is abundant, cheap and useful, it is also extremely hazardous. The United States Department of Health and Human Services classifies all types of asbestos as carcinogenic when in their airborne or “friable” state. Inhalation of asbestos fibers can cause mesothelioma, lung cancer, asbestosis and pleural thickening of the lungs. Between 1940 and 1979, more than 27 million workers in the United States were exposed to significant amounts of asbestos dust in the workplace, and countless others encountered asbestos in their everyday lives. Because of the long latency period of asbestos-related disease, cancer claims arising from the peak usage years of the 1970s have yet to be brought. It is estimated that more than 85% of U.S. industries face, or will face, asbestos claims.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office Image

A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.

New York's Latest Cybersecurity Commitment Image

On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.

Bit Parts Image

Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights

Risks of “Baseball Arbitration” in Resolving Real Estate Disputes Image

“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.

Disconnect Between In-House and Outside Counsel Image

'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.