ACandS Asbestos Settlement Trust Set to Decrease Payment Percentage
On Monday, September 30, 2024, ACandS Asbestos Settlement Trust (the Trust) sent a notice to all claimants and claimant’s counsel that the payment percentage from their trust will be decreased from 4% to 3.2%.
The Trust Distribution Procedures requires the Trustees of the Trust to reconsider the payment percentage no less frequently than once every three years. This request is being evaluated by the Trust Advisory Committee and the Future Claims Representative. While the evaluation is in process, the Trust will begin to pay claims at the proposed 3.2%. There are a couple of exceptions for recent claims that will still receive the 4.0% payout. Those are:
- Claimants who received a release from the Trust prior to September 30 and signed papers prior to September 30; or
- Claimants who submitted their settlement agreements less than 30 days before September 30 and returned them within 30 days of receiving them.
If the 3.2% payment percentage is not approved, the Trust will give extra payments to all claimants who received their claims at the proposed 3.2% payment percentage during the approval process period.
ACandS was formerly known as Armstrong Contracting and Supply Corporation. The company sold and installed products like asbestos-containing insulation which put those exposed to the material at risk of developing mesothelioma.
If you or your loved ones have any questions about these changes, contact us today.
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Request a free case evaluation now if you or someone you love has been diagnosed with mesothelioma. The evaluation will cost you nothing. Our lawyers will travel to visit you at your convenience or conference call with you over the phone. We understand how difficult a time this is for you and will assist in any way that we can. You can also call us toll-free at 800-336-0086 at any time.
Attorney Early concentrates his work in asbestos bankruptcy matters. He oversees the bankruptcy department, makes bankruptcy court appearances, and addresses other bankruptcy-related issues. Attorney Early is a licensed attorney in New York, Connecticut, the Southern District of New York, and the Eastern District of New York.
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