Honeywell to Fund Asbestos Belief With $1.3 Billion

Thank you for reading this post, don't forget to subscribe!

Laws & Litigation

Studying Time: 3 minutes

Publication Date: 11/28/2022

Our fact-checking course of begins with an intensive assessment of all sources to make sure they’re top quality. Then we cross-check the info with unique medical or scientific stories printed by these sources, or we validate the info with respected information organizations, medical and scientific specialists and different well being specialists. Every web page consists of all sources for full transparency. is the nation’s most trusted mesothelioma useful resource

The Mesothelioma Heart at has offered sufferers and their family members probably the most up to date and dependable info on mesothelioma and asbestos publicity since 2006.

Our group of Affected person Advocates features a medical physician, a registered nurse, well being companies directors, veterans, VA-accredited Claims Brokers, an oncology affected person navigator and hospice care skilled. Their mixed experience means we assist any mesothelioma affected person or beloved one by means of each step of their most cancers journey.

Greater than 30 contributors, together with mesothelioma medical doctors, survivors, well being care professionals and different specialists, have peer-reviewed our web site and written distinctive research-driven articles to make sure you get the highest-quality medical and well being info.

About The Mesothelioma Heart at

  • Aiding mesothelioma sufferers and their family members since 2006.
  • Helps greater than 50% of mesothelioma sufferers recognized yearly within the U.S.
  • A+ score from the Higher Enterprise Bureau.
  • 5-star reviewed mesothelioma and assist group.

Be taught Extra About Us


“My household has solely the best praise for the help and assist that we acquired from The Mesothelioma Heart. It is a employees of compassionate and educated people who respect what your loved ones is experiencing and who go the additional mile to make an unlucky analysis much less aggravating. Data and help have been offered by The Mesothelioma Heart for free of charge to our household.”


Mesothelioma affected person’s daughter

Find out how to Cite’s Article


Povtak, T. (2022, November 28). Honeywell to Fund Asbestos Belief With $1.3 Billion. Retrieved November 28, 2022, from


Povtak, Tim. “Honeywell to Fund Asbestos Belief With $1.3 Billion.”, 28 Nov 2022,


Povtak, Tim. “Honeywell to Fund Asbestos Belief With $1.3 Billion.” Final modified November 28, 2022.

To get rid of future funding obligations, Honeywell Worldwide Inc. has agreed to a one-time, lump sum cost of $1.325 billion to the asbestos belief fund it first established in 2013.

If accredited by the U.S. Chapter Court docket for the Western District of Pennsylvania, the buyout settlement would possible finish any further asbestos-related liabilities for Honeywell.

The cost is a big funding towards future monetary stability for the commercial big, which is predicated in Charlotte, North Carolina.

Honeywell’s pricey asbestos belief fund obligation stems from North American Refractories Firm, which it owned from 1979 to 1986.

NARCO was as soon as one in all America’s largest producers of asbestos refractory supplies. It created heat-resistant merchandise for Honeywell that have been used to line high-temperature gear .

Though asbestos was as soon as used extensively for its power and warmth resistance, its toxicity led to critical well being issues – together with mesothelioma most cancers – for many who labored with the merchandise. It has led to a long time of pricey authorized ramifications.

Honeywell Payout Will Resolve Authorized Battle

Asbestos litigation drove NARCO into chapter 11 in 2002, leaving Honeywell chargeable for future damages. The North American Refractories Asbestos Private Damage Settlement Belief was created in 2013. It has paid out an estimated $523 million, periodically funded by Honeywell, to these harmed by NARCO asbestos merchandise.

The hurt brought on by NARCO asbestos merchandise went properly past what was utilized by Honeywell. Within the Seventies, for instance, NARCO was manufacturing vehicle brake pads, additionally contaminated by asbestos.

Staff in shipyards, energy crops, rubber factories, paper mills and railyards additionally have been harmed by NARCO merchandise.

In 2021, Honeywell sued the belief, claiming it was making undeserved payouts to too many claimants. The belief filed its personal lawsuit towards Honeywell, claiming the corporate was attempting to evade its unique obligation, which was estimated at $150 million yearly.

This one-time payout is predicted to resolve the authorized points between the belief and Honeywell and finish future obligations for the corporate. The present NARCO reserve of $695 million – as soon as projected to cowl asbestos-related claims by means of 2059 – can be faraway from Honeywell’s steadiness sheet.

“Honeywell is hopeful that the chapter court docket will approve the buyout in order that we are able to completely extinguish the legal responsibility on our books,” the corporate stated in a press release first printed by Bloomberg Information.

In response to the current regulatory submitting with the U.S. Securities and Trade Fee, Honeywell will nonetheless have the precise to gather proceeds from its insurance coverage insurance policies associated to NARCO. The belief reported authorized charges alone at $21 million for 2021.

“Ought to the Buyout Settlement be accredited by the Chapter Court docket, the Buyout Closing would resolve all excellent litigation presently ongoing between Honeywell and the belief,” based on the regulatory submitting.

Asbestos Trusts Pay Billions to Claimants

The NARCO belief fund is only one of 60 asbestos-related belief funds, value a mixed $30 billion, that exist at this time. Different corporations with asbestos belief funds embody Owens Corning Company, United States Gypsum, W.R. Grace and Firm, Armstrong World Industries, Western MacArthur and Johns-Manville Company.

Because the Eighties, they’ve paid out an estimated $20 billion to claimants. They have been created by bankrupt corporations, typically overwhelmed by the 1000’s of lawsuits sparked by asbestos contamination.

Belief declare payouts typically vary from $7,000 to $1.2 million, with a median worth estimated at $180,000. Claimants typically search cash from multiple belief in a lawsuit.

Entry Belief Funds, Grants & Compensation for Mesothelioma

Get Monetary Help

Supply hyperlink