The settlement marks the end of a five-year legal war between insulation behemoth Owens Corning, its creditors, and thousands of victims exposed to asbestos.

“It’s a good start,” said Chris Anderson, a third-generation insulator who was diagnosed with asbestosis after watching his grandfather, father, and mother die from the disease.

The Ohio-based company, Owens Corning, used asbestos in its building and insulation materials for over thirty years.

Asbestos is a fibrous, inflammable mineral that was commonly used between the 1940’s and 1970’s in construction products. It was banned when it was found to cause cancer, and several lung diseases.

“We never imagined all those years ago that something meant to protect people would end up killing them,” said Burt Shephard, who has been diagnosed with mesothelioma, a rare cancer caused almost exclusively by asbestos. “The scary part for me is that I remember coming home with it all over my clothes. I’m just thankful for the help this will provide my family.” Shephard is likely to receive about $147,000 from the settlement.

The victims’ attorneys said they were ready to prove that Owens Corning executives knew of the safety risks the material posed well before asbestos was banned.

“We were able to show they literally had, in their hands, studies showing they knew the risk to human health at the same time they were marketing it as nontoxic,” said Seattle lawyer Matthew Bergman, who was on the committee that framed the settlement with Owens Corning.

Bergman said the settlement was based on the calculation that there would be approximately 200,000 claims against Owen Corning.

The settlement requires Owens Corning to pay a cash amount of $4.29 billion into an asbestos victims’ trust fun, and also put into the fund 28.6 million company stock shares when the company returns from bankruptcy this year. Owens Corning will also pay creditors $2.5 billion.

Been harmed by asbestos? Please contact us for a free consultation with a caring and experienced attorney who can answer all your questions and get you the compensation you deserve.