Manville

About Manville

Johns-Manville filed for Chapter 11 bankruptcy on August 26, 1982. Manville was the largest manufacturer of asbestos products in the US. The company faced 16,500 lawsuits from workers who developed asbestosis and mesothelioma. Manville had known about the health risks of asbestos since the 1930s but suppressed the information. The bankruptcy court created a novel trust fund to compensate current and future claimants. The Manville Personal Injury Settlement Trust was funded with 2.5 billion. The trust paid claims over decades. The trust approach became a model for other asbestos companies, including Armstrong World Industries, USG, and W.R. Grace. Over 100 companies have filed for bankruptcy due to asbestos liability. The Manville trust has paid over 4 billion to more than 800,000 claimants.