The Western Asbestos Settlement Trust was established pursuant to an order of the United States Bankruptcy Court, Northern District of California, Oakland Division under special provisions of the United States Bankruptcy Code to accept and resolve Asbestos claims arising out of operations of the MacArthur Company, Western Asbestos Company and Western MacArthur Company. The Court determined the size of the assets contributed to the Trust, the way in which claims will be settled, and certain investment parameters. The size of the awards to claimants was determined independently by the Court and is based upon a matrix that considers exposure, nature of illness, and other factors. The goal of the Trust is to treat all claimants equitably.
The Court appointed three Trustees to administer the Trust and the Trust assets in accordance with the Trust Agreement. A Trust Advisory Committee (TAC), which is made up of representatives of plaintiffs’ counsel, and a court-appointed Futures Representative are also responsible for working with the Trustees to insure that the Trust is administered properly. The Trustees consult with the TAC and Futures Representative on certain matters regarding implementation and administration of the Trust.