https://www.overlawyered.com/2008/05/asbestos-litigation-the-manville-trust/ Chronicling the high cost of our legal system Wed, 25 Jun 2008 20:42:09 +0000 hourly 1 https://www.overlawyered.com/2008/05/asbestos-litigation-the-manville-trust/comment-page-1/#comment-22951 Wed, 25 Jun 2008 20:42:09 +0000 http://overlawyered.com/wpblog/?p=6836#comment-22951 […] With Walter occupied on a deadline and Ted on the road, I’m happy to be back to wrap up my discussion of developments in asbestos litigation, as summarized in the Manhattan Institute’s recently released Trial Lawyers, Inc.: Asbestos report. As I noted last month, asbestos has an ancient history, and in the early part of the last century, it was deemed a “magic mineral”; its flame-retardant properties protected American naval vessels and schoolhouses from fire. (See here.) Unfortunately, asbestos exposure ultimately proved deadly, the plaintiffs’ lawyers pounced, and the American asbestos industry largely went bankrupt by the early 1980s. (See here.) The trusts created to pay out claimants from these bankrupt entities became a big business unto themselves, swamped with claimants and unable fairly or efficiently to process the claims. (See here.) […]

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