Rapid-American Files Bankruptcy to Avoid 275,000 Asbestos Lawsuits

The Navy was no exception. Many sailors have been exposed to asbestos on the ships they served on as the substance was used as insulation as well as in countless other products due to its high level of durability and its cost effectiveness at the time. Some of the equipment that was riddled with asbestos included fireproofing as well as the gaskets used on the ships. As a result, the sailors who worked with such items were exposed to high amounts of asbestos as well.

The dangers of asbestos exposure were kept quiet by many manufacturers for a number of years and, even when it did become more well-known, many companies continued to use the asbestos despite knowing the side effect risk associated with its use. It has been reported that one particular asbestos manufacturer, Philip Carey Manufacturing Company, followed suit when it came to minimizing the awareness of the dangers of asbestos exposure. This company both bought and made products that contained asbestos.

Throughout the years Phillip Carey Manufacturing Company merged several times with other companies until it became known as Rapid-American Corporation. Ironically, Rapid-American alleged for many years that they were not responsible for ever making any products that contained asbestos. But they did not take into account that the company they had merged with, Philip Carey Manufacturing, had made and bought products that contained asbestos and that their statements about being asbestos-free were no longer accurate once the merger was complete.

So, it was recently announced that the New York-based company has now filed bankruptcy as an attempt to protect itself from any mesothelioma lawsuits that may be filed in the future. It has been reported by Rapid-American that they were named as defendants in 275,000 different asbestos and mesothelioma lawsuits. About 33% of those cases are filed by mesothelioma victims.

Bloomberg reported in a recent online article the vice president of the company, Paul Weiner said, “Recently, Rapid has experienced an increase in the number of mesothelioma claims being filed against it and an increase in the dollar amount sought to settle claims.” He went on to say that even though the number of asbestos and mesothelioma lawsuits “have declined in recent years, mesothelioma claims, which generally result in higher settlement values, now represent approximately 34 percent of newly filed claims against Rapid.” Bloomberg went on to report that Rapid-American has $86.9 million listed in assets.

There are thousands of men and women out there who have been exposed to asbestos through their workplace and sadly many of those include our men and women of the armed forces. If you or your family member has been diagnosed with mesothelioma it is important to know that you are not alone and that there is help out there.

It is also important to know that even if the company you know is responsible for causing the asbestos exposure has filed for bankruptcy that you still have legal options and can still obtain compensation.

Visit the Mesothelioma Asbestos Class Action Lawsuit Settlement Investigation page right away to receive your free legal consultation from a qualified mesothelioma lawsuit attorney.