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In Depth Analysis Details “Theft” of Billions of Dollars from Asbestos Trust Funds….By Asbestos Trust Fiduciaries….The Biggest Fraud in United States History?

September 26, 2022

Over $50B ($Billion) has been contributed to Asbestos Trust Funds by ‘bankrupt’ Asbestos Companies. There are over 50 active Asbestos Trust Funds runs by “Fiduciaries” (Trustees, Plaintiff Lawyers, Futures Representatives, Professional) who are paid millions of dollars to ensure that 2 Fundamental Rules in every Asbestos Trust documents approved by Bankruptcy Courts.

Those 2 Fundamental Rules in every Asbestos Trust By-Laws and Asbestos Trust Distribution Procedures are as follows:

  1. All Claimants Shall be Treated Equally…
  2. Future Victims Shall be Treated the Same As Present Victims…

But what if those Fiduciaries (Asbestos Plaintiff Lawyers, Trustees/Former Trust Judges, Trustees/Former Asbestos Defense Lawyers) overseeing and operating the Asbestos Trusts are entirely dishonest and motivated by greed, theft, and Trust misappropriation? Could this be the biggest Trust Fund Fraud in United States History? …

A new in-depth analysis of Asbestos Trusts provides our answers….

The analysis took into account just 14 Active Asbestos Trusts (out of more than 50). See below. These Trusts were selected because they were confirmed more than 10 years ago and provide the best analysis of payments just 10 years ago versus payments today (September 2022). A review was done of each Trust’s Annual Reports, current “Payment Percentage”, past “Payment Percentage”, Confidential “Insider” Trust Documents, as well as hundreds of Asbestos Trust filings and valuations. The figures in the chart below are taken after the application of the applicable “payment percentages” for each Asbestos Trusts.

The amount of Asbestos Trust Fiduciary misappropriation, insider dealing, fraud and theft is staggering. Staggering in the amount of money ‘stolen’ from these to line the pockets of Asbestos Trust Fiduciaries — whose duty it was to maintain “2 Fundamental Rules”….

The detailed Asbestos Trust Analysis of  Payments over time (below) yielded the following irrefutable conclusions proving Asbestos Trust Fiduciary Misappropriation of Asbestos Trust Funds:


  1. Every Current and Future Mesothelioma Victim will receive far, far less in recovery than Past Mesothelioma Claimants from each Asbestos Trusts;
  2. In 2012 Mesothelioma victims received $836,389.00 for the referenced claims 14 Trust Claims  versus $255,384.50 from those same 14 Trusts today;
  3. EVERY Current and Future Mesothelioma Victim will receive at least $581,004.50 less than past  Mesothelioma Victims/Claimants from the same exact Asbestos Trusts;
  4. The vast majority of Asbestos Claimant Committee Members/Plaintiff Lawyers claims (with all Trusts) received favorable treatment, excessive valuations, and were often fraudulent yet every Asbestos Trust “Fiduciary” swept the information “under the rug” to not ‘upset’ their excessive payments (as Futures Rep, Professional (Ankura Consulting);
  5. Asbestos Claimant Committee Members/Plaintiff Lawyers average claim payments – from just these 14 Trusts (and after the payment percentage was applied) — was $2,823,459.00; i.e. the Attorney/Fiduciary Steven Kazan’s Mesothelioma Claims – for one victim’s claims filed with these 14 Trusts – received $2,823,459.00.
  6. Asbestos Claimant Committee Members/Plaintiff Lawyers received $2,568,074.50 more than identical Mesothelioma claims filed today by non-Asbestos Claimant Committee Members/Plaintiff Lawyers (Steve Kazan and Alan Brayton and….);
  7. Over $2.5B has been paid to Fiduciaries (not counting the Plaintiff Lawyers) from Asbestos Victim Trust Funds;
  8. Over $20B has been paid Plaintiff Lawyers Fiduciaries for their claims and “Favorable Treatment” (and excessive payments) is indisputable;
  9. Every Asbestos Trust Fiduciary, Futures Representative, Asbestos Claimants Committee Member, and their “Professional” (i.e. Ankura Consulting LLC) has engaged in and enabled the criminal misappropriation of billions (at least $10B) in Asbestos Trust Funds. Here is who is responsible –
  10. Every Claims Processing Facility (DCPF, Verus, MFR et al…) has knowingly engaged in the misappropriation and theft of Trust funds.

Key Takeway: In the Year 2022, Mesothelioma Claims receive at least $581,004.50 LESS than ‘identical’ past Mesothelioma Claimants — $836,389.00 (2012) v. $255,384.50 (2022)….

Asbestos Trust Fiduciary Corruption can detailed in one simple chart:

Trust Name (Facility) Opening Payment % for Trust (Mesothelioma) Current Trust Payment % (2022)  Expedited Review Payment Year 2012 (Mesothelioma) Current Expedited Review Payment in (Year 2022)
Armstrong World Industries Trust (DCPF) 43% 19.70% $47,300.00 $21,670.00
Babcock and Wilcox Trust (DCPF) 34% 6.30% $30,600.00 $5,670.00
ASARCO Asbestos Trust (Verus) 100% 35% $170,000.00 $59,500.00
Kaiser Aluminum Asbestos Trust (Verus) 39.50% 18.10% $27,650.00 $12,670.00
Combustion Engineering Trust (Verus) 48.30% 18.50% $32,350.00 $13,875.00
T.H. Agriculture & Nutrition Trust (Verus) 100% 30% $150,000.00 $45,000.00
Shook and Fletcher Trust (MFR) 100% 50% $26,209.00 $13,104.50
J.T. Thorpe Trust -TX (MFR) 57% 25% $57,000.00 $14,250.00
Fibreboard Trust (DCPF) 25% 4.40% $33,750.00 $5,940.00
Owens Corning Asbestos Trust (DCPF) 40% 5.90% $86,000.00 $12,685.00
ABB Lummus Asbestos Trust (Verus) 100% 11.70% $60,000.00 $7,020.00
DII Asbestos Trust (DCPF) 100% 50% $57,200.00 $28,600.00
Celotex Trust (DCPF) 14.10% 8% $18,330.00 $10,400.00
Leslie Asbestos Trust (MFR) 40% 5% $40,000.00 $5,000.00
2012 Total Paid to Meso Claims (min) – $836,389.00 2022 Total Paid to Meso Claims $255,384.50
Year 2012 Average Amount Paid to Trust Fiduciaries (Steve Kazan’s) Claims (Amounts listed are Actual Payments Received by Kazan and others on identical claims): Trust Name (Facility)
$150,000.00 Armstrong World Industries Trust (DCPF)
$110,500.00 Babcock and Wilcox Trust (DCPF)
$400,000.00 ASARCO Asbestos Trust (Verus)
$150,000.00 Kaiser Aluminum Asbestos Trust (Verus)
$169,000.00 Combustion Engineering Trust (Verus)
$750,000.00 T.H. Agriculture & Nutrition Trust (Verus)
$26,209.00 Shook and Fletcher Trust (MFR)
$75,000.00 J.T. Thorpe Trust -TX (MFR)
$87,500.00 Fibreboard Trust (DCPF)
$200,000.00 Owens Corning Asbestos Trust (DCPF)
$350,000.00 ABB Lummus Asbestos Trust (Verus)
$200,000.00 DII Asbestos Trust (DCPF)
$35,250.00 Celotex Trust (DCPF)
$120,000.00 Leslie Asbestos Trust (MFR)
Note: Sources for the above information include but is not limited to: All Trust Annual Reports and Accountings, Referral fees paid of “Fiduciary Firms”, Dubious Distribution – Asbestos Trust Compensation (March 2013), Information provided by Law Firms and Trusts, All Trust Distribution Procedures and Claim Resolution Procedures (which list “Maximum Values” for each claim), and other reliable information.
Amount Paid to TAC/ACC/Fiduciary/Steve Kazan Bankruptcy Claims in the Year 2012: $2,823,459.00 (over $2M more than other Law Firms on identical claims. And that is just 1 out of 1000’s of Mesothelioma claimants with just 14 Trusts. If you took into account all of the Trusts, and totaled all of the Fiduciary Fraud, you will find the biggest Trust Fund fraud in the history of the United States.
Additional Amount Paid to TAC Bankruptcy Claims in 2012 w/ 14 Trusts  v. Present ‘Non’-TAC Firm Claims w/14 Trusts: $2,568,074.50 (so much for = treatment…..)


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