Once upon a time, asbestos was practically everywhere. Because the material causes devastating forms of cancer and lung disease, huge product-liability litigation sprung up. That led to huge settlements, which led to the establishment of huge trusts, created to assure payment to millions of current and future claimants.
Some $20 billion now resides in these 40 or so trusts, set up by Johns Manville Corp., Owens Corning and other former makers and sellers of asbestos. But who’s overseeing the trusts? Is the money getting spent properly? In short, are the trusts working as designed?