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What is the average settlement for asbestos claim? Quick Answer
- Settlements typically range from $1 million to $2 million, while the median asbestos jury award was $7.7 million in 2022.
Explore the evolution of median awards and settlements in asbestos cases, covering mesothelioma and talcum powder lawsuits.
The Landscape of Asbestos Claims
Asbestos claims frequently result from illnesses such as mesothelioma, a severe cancer primarily linked to asbestos exposure. Many cases involve factory employees or miners who worked with asbestos or workers exposed to asbestos in construction accidents. Additionally, these cases involve ordinary consumers injured by asbestos-contaminated talc products who filed talcum powder lawsuits.
Growth in Asbestos Award Amounts
According to Mealey's Asbestos Litigation Report 2022, the average mesothelioma settlement grew between 2010 and 2022 from $3.2 million to $7.7 million.
Average Asbestos Settlement Amounts
The majority of asbestos claims settle before reaching trial. The average mesothelioma settlement before trial falls between $1 million and $2 million.
Asbestos Trust Fund Claim and Payout Process
A class action lawsuit forced asbestos companies into bankruptcy. These companies agreed to create trust funds to compensate as many victims as possible.
When you file a claim with an asbestos settlement fund, you must describe the asbestos-related diseases you developed. The claim administrators will categorize your claim according to several factors. Your asbestos compensation depends on which category you fall into.
Factors Affecting Asbestos Settlement Amounts
Some factors a claim administrator may consider include the following:
- Age
- Diagnosis
- Prognosis
- Medical costs
- Income
Generally, young claimants with high salaries and terminal prognoses will receive the highest settlements.
Trends in Asbestos Litigation
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Data from 2014 to 2023 demonstrates a decrease in asbestos filings over time. Several factors have contributed to this trend. For example, products containing asbestos have been off the market for decades due to litigation and bans on mining and manufacturing.
Furthermore, many companies that mined and manufactured asbestos products have been bankrupted by settlements, precluding some plaintiffs from seeking lawsuits. However, many of these companies still have trust funds that pay out settlements, so potential plaintiffs often file claims rather than lawsuits.
Even though filings have fallen, plaintiffs still filed nearly 4,000 new cases in 2023, indicating that it’s still a present problem.
How Asbestos Lawsuit Payouts Are Calculated
You can also forgo a settlement claim and file a product liability lawsuit. If you win, you can pursue compensation for economic and non-economic losses.
You calculate your economic losses by adding up all of the financial costs and income losses related to your injuries, from medical bills to missed job time. Your non-economic losses, which include intangible losses like pain and suffering, depend on the severity of your injuries and how they impact your life.
Mesothelioma Lawsuit Settlements vs. Verdicts: Understanding the Differences
Litigation is expensive and unpredictable. In many situations, both parties benefit from agreeing to a settlement instead of risking a jury trial. By accepting mesothelioma lawsuit settlements, asbestos companies can avoid unfavorable jury verdicts that award large sums, including:
- $40 million in a talc lawsuit against Avon
- $43 million for cancer caused by asbestos dust carried on a spouse’s clothing
Plaintiffs who settle can likewise avoid litigation risks, such as an appeals court reversing a $16.5 million verdict.
ConsumerShield is dedicated to educating injured consumers and workers about their legal rights after chemical exposure. We provide free case reviews and can connect you with legal representation for additional assistance. Contact us to learn more today.
