What Are Asbestos Settlements?
Asbestos settlements are the most common way of obtaining financial compensation from an asbestos lawsuit.
In an asbestos settlement, a manufacturer of asbestos products agrees to pay a certain amount of money to resolve — or settle — a lawsuit filed by a person with mesothelioma, asbestosis, or another asbestos-related disease.
The amount of an asbestos settlement varies from case to case and is negotiated by your lawyer and the lawyer representing the manufacturer.
Asbestos attorneys usually prefer settlements over taking a case to court because they are less risky and provide clients with quicker access to compensation.
When an asbestos lawsuit is settled out of court, clients may be able to access settlement money in as few as 90 days.
To take the first step in pursuing asbestos settlement money, contact a LawFirm.com team member right now to learn about your legal options and get a free case review.
Asbestos Settlement Amounts
People who are considering an asbestos lawsuit often wonder about the settlement value of their case.
Asbestos settlement amounts often depend on the specifics of a person’s asbestos exposure, the asbestos-related disease they developed, and several other factors.
Some cases settle for millions of dollars while others settle for less or sometimes no money at all.
The good news is that asbestos companies usually settle for enough money to help asbestos victims pay their medical bills. Some cases also result in enough money for the patient to provide their family with financial security.
An experienced asbestos attorney can give you a potential settlement range for your specific case.
That said, we’ve compiled some data on asbestos and mesothelioma lawsuit settlement amounts below.
Average Settlement for Asbestos Exposure
Asbestos settlements are between $1 million to $1.4 million on average.
These numbers include the total amount that all manufacturers named in the lawsuit have agreed to pay.
Most asbestos lawsuits name multiple manufacturers as defendants. The more asbestos companies named in a lawsuit, the more money an asbestos victim is likely to recover in an asbestos settlement.
Notable Asbestos Settlement Amounts
When asbestos lawsuits are settled, the settlement payouts are usually kept private. Claimants are almost always required to sign confidentiality agreements, which prevent them from disclosing how much money they were awarded.
However, some asbestos settlement amounts have been reported.
Here are some noteworthy mesothelioma settlement amounts that one of the law firms in our network has recovered for clients:
- $10.2 million for a U.S. Navy veteran in Washington
- $9.5 million for a California construction worker
- $7 million for a welder
- $6.5 million for a U.S. Army veteran and oil field worker
Again, asbestos settlement amounts vary. An experienced mesothelioma lawyer can give you an idea about the settlement value of your case.
If you or a loved one has been diagnosed with mesothelioma or another asbestos-related disease, LawFirm.com can connect you with a top asbestos lawyer if you qualify. Contact us today at (888) 726-9160 for a free, no-obligation case review.
Asbestos Wrongful Death Settlement Amounts
Most times, the person exposed to asbestos files a personal injury lawsuit with the help of an attorney. However, when the asbestos victim passes away, their family members can continue with that lawsuit or file a wrongful death lawsuit if a personal injury suit has not been filed.
In many cases, settlements for wrongful death claims are larger than settlements for personal injury suits. That is because the wrongful death of a loved one can be devastating to surviving family members. This is especially true when a person’s death was preventable and caused by the negligence and greed of asbestos companies.
Here are some noteworthy wrongful death asbestos settlements that one of the law firms in our network has recovered for clients:
- $9.3 million for the family of a U.S. Navy veteran
- $5.2 million for the family of a mechanic and forklift operator
- $4 million for the family of a boiler worker
- $3 million for the family of a U.S. Army veteran and electrician
Asbestos Settlements 2022 to 2023 Update
Mealey’s® Litigation Report: Asbestos, a national legal publication, reported these asbestos settlements in 2022-23:
- $1.2 million to an auto dealership employee who developed mesothelioma
- $2.3 million to a couple in a secondhand asbestos exposure case
- $2.3 million to the family of a man who died of mesothelioma after being exposed to asbestos in oil refineries
Why Pursue an Asbestos Settlement?
One way that families affected by a mesothelioma diagnosis or the diagnosis of another asbestos-related disease can take back control of their lives is by seeking asbestos settlements.
Compensation awarded in asbestos settlements can help pay for:
- Cutting-edge medical treatments
- Everyday living expenses
- Lost wages
- Travel to and from a cancer center
- Other expenses
Mesothelioma treatment can cost more than $400,000, without including travel and living expenses.
Fortunately, most mesothelioma settlements are substantial enough to help with a mesothelioma patient’s medical expenses.
Additionally, asbestos settlements send a message to manufacturers that placed profits above the health and safety of American workers and military service members.
The companies responsible for your asbestos exposure should be the ones footing the bill for your medical expenses — not you and your family.
If you’re ready to take the first step toward pursuing an asbestos settlement, reach out to one of our trusted team members today for a free case review.
How Are Asbestos Settlement Amounts Calculated?
Asbestos settlement amounts may seem mysterious. One mesothelioma victim may be awarded a $2.3 million settlement while another is awarded a $1.2 million settlement.
Many different factors affect the amount of compensation awarded in an asbestos settlement. Below, we have tried to demystify asbestos settlement amounts by listing some of these variables.
Factors that are likely to affect asbestos settlement amounts include:
- Age of the patient: Generally speaking, younger patients tend to win larger settlements.
- Medical expenses and lost wages: Asbestos settlement amounts usually take into consideration the asbestos victim’s medical expenses and lost wages.
- Number of companies sued: Most asbestos lawsuits name multiple defendants. If the suit settles, each defendant will contribute to the settlement.
- Strength of case: Strong evidence linking asbestos exposure to a manufacturer’s product is more likely to result in a bigger settlement.
- Where the suit is filed: Every state has its own laws that impact asbestos lawsuits. An experienced asbestos attorney will ensure that your case is filed in the court system most likely to get you the best results.
In wrongful death cases, other factors may play a role such as the person’s health at the time of death, the amount of their suffering, and whether they financially supported a spouse or children.
Another important factor is the experience of your asbestos lawyer. An attorney with experience in asbestos litigation is best positioned to maximize a client’s potential winnings and can help pursue other forms of mesothelioma compensation such as asbestos trust funds and veterans benefits.
How Long Does It Take to Settle an Asbestos Case?
In many cases, claimants receive compensation from asbestos case settlements in 90 days or less.
Indeed, one of the main reasons that asbestos attorneys usually prefer asbestos settlements over taking a case to court is because their clients usually get paid much quicker.
Of course, all cases are different. Sometimes asbestos companies wait until a trial date is near to make a settlement offer in an asbestos or mesothelioma case.
When an asbestos manufacturer refuses to settle a legal claim for a fair amount, it may be in the asbestos victim’s best interest to have their case heard in court and decided by a judge or jury.
Asbestos trial verdicts are typically larger than asbestos settlements. However, asbestos verdicts are risky — an asbestos victim may not get any compensation at all — and they can take years to make their way to a courtroom.
Families who hope to obtain settlement money as quickly as possible should partner with a law firm experienced in handling asbestos and mesothelioma claims.
Contact one of our LawFirm.com teammates right now for a free case review. They will connect you with an experienced mesothelioma attorney if you qualify.
How Do Asbestos Settlements Work?
Most asbestos settlements follow the same steps. However, a settlement can be reached at any point after an asbestos lawsuit has been filed.
Here is a look at the asbestos settlement process:
- Collection of evidence: Your legal team will build your case by gathering evidence of your asbestos exposure. This evidence often includes the patient’s medical records, work history, and a list of the asbestos-containing products they worked with or around.
- Filing of the lawsuit: Your team will file your suit in the state court system that is best suited for your particular case.
- Discovery: During this process, lawyers from both sides exchange information about the evidence and witnesses they plan to introduce at trial.
- Settlement: In most cases — approximately 95% — the lawyers will resolve the case through an asbestos settlement.
The stronger the evidence, the more likely a settlement will occur earlier in the legal process.
A seasoned asbestos lawyer can help you build a solid case and hold negligent asbestos companies accountable.
It is important to note that asbestos victims have a limited amount of time to file a lawsuit and pursue asbestos settlements. Laws called statutes of limitations set a filing deadline. This time frame — which usually begins after a person is diagnosed with an asbestos-related disease — can be as short as 1 year.
Get Help With an Asbestos Lawsuit Settlement
A person dealing with an asbestos-related disease might think that they don’t have the time or energy to take legal action to pursue an asbestos settlement.
However, the mesothelioma law firms in our network can do all of the heavy lifting. That means you can focus on your health and spend time with your family while your legal team fights for compensation on your behalf.
The law firms we partner with have a proven track record of winning asbestos settlements for families like yours across the nation, and they don’t charge any upfront fees. Instead, they only get paid if they obtain compensation for their clients.
Don’t miss out on your opportunity to seek an asbestos settlement — contact our team today at (888) 726-9160 for a free consultation.
FAQs About Asbestos Lawsuit Settlements
What is the average settlement for an asbestos claim?
The average settlement for an asbestos claim is between $1 to $1.4 million.
Asbestos settlements are affected by many factors, including:
- Age of the asbestos victim
- Cost of medical treatment
- Details of the asbestos exposure
- Disease diagnosis
What’s the largest asbestos settlement?
It is difficult to identify the largest asbestos settlement. Asbestos settlements are almost always confidential, which means that it is impossible to collect data on them.
However, some large asbestos settlements that have been reported include:
- $13.1 million to a carpenter with pleural mesothelioma
- $12 million to a laborer with mesothelioma
- $10 million to a boiler tender with pleural mesothelioma
- $8 million to a pipefitter and plumber with pleural mesothelioma
How much do you get paid for asbestos lung cancer?
It is difficult to say how much settlement money a person with asbestos lung cancer may be able to obtain through an asbestos lawsuit.
All cases are different and various factors impact the amount of potential asbestos settlements. Generally speaking, patients with a mesothelioma cancer diagnosis tend to obtain larger settlements than people with asbestos lung cancer.
An experienced asbestos lawyer can tell you more about asbestos lung cancer settlements and give you a settlement range after learning more about your specific case.
Are asbestos settlements taxable?
Yes, some parts of asbestos settlements are taxable. For example, compensation for lost wages is taxable. Punitive damages, which are meant to punish wrongdoers, are also taxable.
However, settlement proceeds for personal injury are not taxable.
The Internal Revenue Service has guidelines on the taxability of settlements. An asbestos law firm can help clients understand the tax implications of asbestos settlements.
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