Dana Corp. has agreed to pay 7,500 asbestos victims a total of $2 million to resolve their lawsuits stemming from asbestos gaskets produced by the auto-parts supplier. The agreement requires approval from the Bankruptcy Court. A court hearing on the proposed settlement is scheduled for Nov. 15.
Dana sought Chapter 11 bankruptcy protection in March 2006. The company makes various automotive parts and equipment, including gaskets. The Ohio-based company is trying to exit bankruptcy protection under a reorganization plan that calls for unsecured creditors to recover between 72 percent and 86 percent on their claims. Many of those targeted for settlements suffered from lung cancer or mesothelioma, both diseases associated with asbestos exposure. There have been over 150,000 asbestos related lawsuits and/or claims against Dana as of June of this year.
Mesothelioma and many lung cancers are associated with exposure to asbestos. Mesothelioma is a rare form of cancer almost exclusively caused by exposure to asbestos. Symptoms related to and the onset of mesothelioma usually takes decades to develop and are often confused with other respiratory ailments. Currently, there is no cure for mesothelioma. Because of mesothelioma’s association to asbestos exposure, most who contract the disease qualify to file a mesothelioma lawsuit. Many trust funds have been set up to compensate the victims of mesothelioma. If you or a loved one has been diagnosed with mesothelioma, immediately contact a mesothelioma lawyer to discuss your options.
To learn more, please contact the Mesothelioma Attorneys at Williams Kherkher by calling 1.800.220.9341.