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AC&S
AC&S is a company based in Pennsylvania that produces insulation materials for various industries and military branches. These products were put to use in factories, ship yards and refineries state-wide and beyond. Some of them were made with a naturally occurring mineral that is fire resistant and considered to be one of the best components for any type of insulation: asbestos.
From the time asbestos was discovered until it was found to be toxic, it was used in thousands of products that were shipped all across the nation and worldwide. This led to thousands of people being exposed to a hazardous material that can cause them to develop serious respiratory damage and a potentially lethal type of cancer known as Mesothelioma. Customers who bought items from AC&S before they stopped using asbestos were put at risk of inhaling miniscule particles of asbestos, which can remain in their systems for many years.
Many personal injury lawsuits were brought against AC&S by people who claimed to have been harmed by the asbestos found in their insulation. One of the more noteworthy cases involved six defendants who worked in Mississippi. The facilities where these people were employed did not deal directly with AC&S, but they did purchase a few of their products. When this case was tried, the verdict was in favor of the defendants, and the six were awarded a total of $84 million.
By 2002 AC&S had been hit with more than 500,000 claims. The company could no longer bear the weight of the lawsuits, and entered bankruptcy proceedings. One requirement of the bankruptcy was that a trust fund be established to provide monetary compensation for people who were affected by the asbestos contained in AC&S products. Nearly half of one billion dollars was deposited into this fund and this amount was deemed sufficient to manage all ongoing and future asbestos related claims.
According to the terms of the bankruptcy, AC&S was allowed to restructure the company. They ceased using asbestos in any of their products, and continue to operate in Lancaster, Pennsylvania.