The asbestos lawsuits filed in the United States over the past fifty years constitute the longest running mass tort in the country’s history. A tort is defined as a civil action taken based on a negligent or intentional harm done that is not based on contract law.
A Rand Corporation research says that by the end of 2002, about 730,000 individuals claiming physical harm from asbestos exposure had filed suit against about 8,400 corporations and businesses. At that point, about seventy corporations had filed for bankruptcy protection over their asbestos liability.
Today, in 2009 the number of bankruptcy filings has reached one hundred. The number of lawsuits since 2002 are several hundred thousand in number and they have increased each year. Because the diseases caused by asbestos exposure have latency periods of up to fifty years, many people who were exposed to asbestos decades ago are just now getting sick.