Federal-Mogul Asbestos Trust Annual Reports, 2010–2025

Federal-Mogul ended 2025 with $440.2 million in net assets available for claims, an increase of $13.1 million. Investment appreciation of $33.8 million, alternative-investment gains of $7.8 million, and interest and dividends of $9.5 million generated $51.1 million in additions despite no insurance recoveries. Personal injury claims expense fell to $27.9 million from $53.9 million. Operating expenses were $5.4 million and claims-processing fees and consulting $4.8 million. Stronger investment results and lower claims expense reversed the prior year's decline, although net operating cash outflow remained $27.0 million.

T&N received 58,479 unliquidated claims and reported payments on 36,366 claims totaling approximately $20.48 million during the year. FMP received 6,439 unliquidated claims and reported approximately $8.4 million paid. The T&N figures cover the entire subfund, including its Turner & Newall, Ferodo, and Flexitallic claim streams; they should not be attributed to any one stream.

Federal-Mogul's net assets available for claims declined by $30.6 million in 2024 to $427.1 million. Interest and dividends of $10.5 million, investment appreciation of $12.2 million, alternative-investment gains of $9.7 million, and insurance recoveries of $1.6 million produced $33.9 million in total additions. Personal injury claims expense increased to $53.9 million from $39.4 million. Operating expenses fell to $5.4 million, while claims-processing fees and consulting rose to $5.1 million. Higher claims expense and lower total additions widened the asset decline compared with 2023.

T&N received 61,731 unliquidated claims and reported payments on 48,105 claims totaling approximately $34.7 million during 2024. FMP received 5,650 unliquidated claims and reported approximately $29.5 million paid, substantially above 2023's $4.5 million. These narrative payment figures describe cash distributions and are distinct from the financial statements' claims expense, which also reflects changes in settled claims payable.

Federal-Mogul ended 2023 with $457.7 million in net assets available for claims, down $6.0 million. Investment appreciation of $23.2 million and alternative-investment gains of $7.8 million marked a recovery from 2022's losses. Together with $10.6 million in interest and dividends and $2.7 million in insurance recoveries, total additions reached $44.3 million. Personal injury claims expense declined to $39.4 million; operating expenses were $6.3 million and claims-processing fees and consulting $4.5 million. Improved returns and lower claims expense substantially narrowed the annual asset decline.

T&N received 39,294 unliquidated claims and reported payments on 27,303 claims totaling approximately $26.1 million during the year. FMP received 5,430 unliquidated claims and reported approximately $4.5 million in payments, well below its unusually high 2022 filing volume. The financial recovery eased pressure on assets, although total claims and administrative expenses still exceeded additions.

Federal-Mogul's net assets available for claims fell by $91.1 million in 2022 to $463.7 million. Investment securities depreciated by $43.6 million and alternative investments lost $2.9 million, overwhelming $10.3 million in interest and dividends and $427,200 in insurance recoveries. Personal injury claims expense was $43.8 million, with operating expenses of $7.3 million and claims-processing fees and consulting of $4.3 million. The combined effect of market losses and ongoing claims costs produced a much larger asset decline than in 2021.

T&N reported payments on 27,193 unliquidated claims totaling approximately $35.24 million during the year. FMP received 34,520 unliquidated claims, a sharp increase from 8,252 in 2021, and reported approximately $5.4 million paid on unliquidated claims. The filing increase was concentrated in FMP, while the financial statements show that adverse investment performance was a major additional pressure on the trust's resources.

Federal-Mogul ended 2021 with $554.7 million in net assets available for claims, a decrease of $33.3 million. The report recorded $11.2 million in interest and dividends, $10.9 million in investment appreciation, $3.8 million in alternative-investment gains, and $427,200 in insurance recoveries. Personal injury claims expense was $48.5 million, down from $55.2 million in 2020, with operating expenses of $7.4 million and claims-processing expenses of $3.7 million. Lower claims expense did not prevent further asset depletion because total additions also declined.

During the year, the T&N Subfund received 31,095 unliquidated claims and reported payments on 31,721 claims totaling approximately $44 million. FMP received 8,252 unliquidated claims and paid approximately $3.49 million on those claims. These are annual subfund figures; separate pre-petition liquidated claims and Fel-Pro/Vellumoid activity are reported elsewhere in the annual report.

Federal-Mogul's net assets available for claims declined by $31.4 million in 2020 to $588.0 million. Interest and dividends of $11.2 million, investment appreciation of $18.1 million, alternative-investment gains of $5.3 million, and insurance recoveries of $427,200 produced total additions of $34.9 million. Personal injury claims expense rose to $55.2 million, while operating expenses were $7.3 million and claims-processing expenses $3.9 million. Positive investment results therefore offset only part of the year's claims and administrative costs.

The FMP Subfund received 8,181 unliquidated claims during the year and reported approximately $7.7 million in payments on those claims. T&N's year-end cumulative totals reached 239,767 unliquidated claims paid and approximately $403.8 million distributed. These figures show continued payment activity across the two programs, with FMP's annual new filings substantially below the 23,105 reported for 2019.

Federal-Mogul ended 2019 with $619.4 million in net assets available for claims, down $10.7 million. Investment results provided substantial support: interest and dividends contributed $15.5 million, investment appreciation $29.9 million, and alternative-investment gains $3.5 million. Insurance recoveries added $1.3 million. Personal injury claims expense declined to $49.9 million following the much larger 2018 charge, but claims expense, $7.0 million in operating costs, and $4.0 million in claims-processing costs still exceeded total additions.

The FMP Subfund received 23,105 unliquidated claims during 2019 and reported approximately $7.6 million paid on those claims, marking its first full calendar year after opening for filings in September 2018. T&N's cumulative totals reached 201,745 unliquidated claims paid and approximately $356.7 million distributed by year-end. Strong investment gains limited the reduction in assets, while the trust continued funding both established T&N claims and the expanding FMP program.

Federal-Mogul's net assets available for claims fell by $220.4 million in 2018 to $630.1 million. Personal injury claims expense rose sharply to $215.1 million from $15.6 million, and investment securities depreciated by $17.0 million. Interest and dividends of $17.8 million, insurance recoveries of $5.1 million, and modest alternative-investment gains partly offset those deductions. Operating expenses were $7.3 million and claims-processing expenses $4.1 million. The report states that second-installment payments were issued on T&N Subfund claims during the year.

By year-end, T&N had paid 169,686 unliquidated claims and approximately $312.3 million cumulatively. The FMP Subfund began accepting claims on September 17, receiving 5,359 unliquidated claims by year-end without paying any of them during 2018. The Fel-Pro/Vellumoid narrative appears to repeat older figures, including a reference to December 2016, so it does not provide a dependable basis for describing those subfunds' 2018 activity.

Federal-Mogul's net assets available for claims increased by $95.0 million in 2017 to $850.5 million. Insurance recoveries of $82.7 million drove much of the increase, including approximately $81.7 million distributed from the Hercules Payment Agency Accounts following an insurance commutation. Interest and dividends contributed $17.2 million, investment appreciation $17.4 million, and alternative-investment gains $2.6 million. Personal injury claims expense was $15.6 million, with operating expenses of $6.3 million and claims-processing expenses of $3.0 million.

The T&N Subfund had received 1,149,885 unliquidated claims and paid 144,988 claims since inception by year-end, distributing approximately $103 million cumulatively. The strong balance-sheet improvement combined a major insurance-related receipt with favorable investment results. Because the Hercules proceeds arose from a specific settlement, they should not be viewed as a recurring annual source of funding.

Federal-Mogul ended 2016 with $755.5 million in net assets available for claims, down $7.1 million. No promissory-note repayment was recorded, compared with $80.0 million in 2015. Insurance recoveries of $6.9 million, interest and dividends of $15.6 million, and hedge-fund gains of $1.6 million helped support operations, but investment securities depreciated by $7.9 million. Personal injury claims expense totaled $12.5 million, operating expenses fell to $6.7 million, and claims-processing expenses rose to $4.1 million.

At year-end, the T&N Subfund reported 1,098,331 unliquidated claims received and 118,844 claims paid since inception, with approximately $88 million distributed cumulatively. The modest asset decline reflected the absence of the previous year's large note payment and investment losses, partly cushioned by lower operating costs. The T&N figures remain cumulative and should not be treated as annual filing or payment counts.

Federal-Mogul's net assets available for claims increased by $63.1 million in 2015 to $762.6 million. An $80.0 million promissory-note repayment again supplied the main financial support. Interest and dividends of $16.1 million and insurance recoveries of $1.7 million were partly offset by $2.2 million of investment depreciation and $1.9 million of hedge-fund losses. Personal injury claims expense was $14.7 million. Operating expenses fell sharply to $12.9 million from $29.2 million, and claims-processing expenses declined to $3.0 million from $6.8 million.

The T&N Subfund reported 1,059,075 unliquidated claims received and 101,687 claims paid since inception, with cumulative distributions of approximately $76 million. These lifetime figures indicate the scale of the claims program rather than annual throughput. Continued note funding and lower expenses supported asset growth despite negative investment valuation changes.

Federal-Mogul ended 2014 with $699.5 million in net assets available for claims, an increase of $55.5 million. An $80.0 million promissory-note repayment was the principal source of growth, alongside $6.0 million in insurance recoveries and approximately $24.3 million from interest, dividends, investment appreciation, and hedge-fund gains. Personal injury claims expense rose to $18.9 million. Operating expenses nearly doubled to $29.2 million, including $23.8 million in general legal fees, while claims-processing expenses increased to $6.8 million. These higher costs absorbed a substantial portion of the year's funding.

The attachment contains audited financial statements for 2014, but its claims narrative repeats figures explicitly dated December 31, 2013. Those statistics cannot reliably describe 2014 filings, payments, or year-end claim counts. The financial statements support the year's asset and expense analysis, while a dependable account of 2014 claims volume requires a corrected or supplemental source.

Federal-Mogul's net assets available for claims rose by $103.8 million in 2013 to $644.0 million. An $80.0 million promissory-note repayment and $45.4 million in insurance recoveries provided the main support. Interest and dividends contributed $16.3 million, while investment securities lost $5.3 million in value and hedge funds gained approximately $788,000. Personal injury claims expense was $13.8 million, operating expenses were $15.6 million, and claims-processing expenses were $3.9 million. Funding receipts outweighed both the investment setback and higher operating costs.

By year-end, the T&N Subfund had received 583,216 unliquidated claims and paid 56,865 claims since inception, with cumulative payments of approximately $43.2 million. The report also describes numerous insurance settlements reached during 2013, some providing immediate proceeds and others payments over several years. Those settlements helped strengthen the asset base, but the cumulative T&N totals should not be read as a single year's claims activity.

Federal-Mogul ended 2012 with $540.2 million in net assets available for claims, up $110.5 million. A $100.0 million promissory-note repayment drove most of the increase, with additional support from $15.4 million in insurance recoveries, $22.3 million in interest and dividends, and $551,000 in investment appreciation. The financial statements recorded $14.2 million in personal injury claims settled, $10.0 million in operating expenses, and $3.7 million in claims-processing expenses. Operating costs fell from $13.8 million in 2011, while claims-processing costs were broadly stable.

The T&N Subfund reported cumulative receipts of 412,869 unliquidated claims and payments on 45,227 claims through year-end, totaling approximately $29.3 million since inception. The FMP Subfund still had not engaged a claims processor. The year's financial improvement was principally a funding event, while the cumulative claims figures show continued expansion of T&N payment activity.

Federal-Mogul's net assets available for claims increased by $70.9 million in 2011 to $429.7 million. The largest addition was a $60.0 million promissory-note repayment, supplemented by $13.3 million in insurance recoveries, $18.0 million in interest and dividends, and $12.3 million in investment appreciation. Personal injury claims settled rose to $15.2 million, while operating and claims-processing expenses were $13.8 million and $3.7 million, respectively. The asset growth therefore reflected substantial funding receipts as claims administration expanded.

By December 31, the T&N Subfund had received 323,948 unliquidated claims and paid 28,000 claims since inception, distributing approximately $15.3 million cumulatively. Those are lifetime totals rather than claims filed or paid solely during 2011. The FMP Subfund had not yet engaged a claims processor, and Fel-Pro and Vellumoid continued to operate through separate litigation and insurance arrangements.

Federal-Mogul ended 2010 with $358.8 million in net assets available for claims, an increase of $28.2 million. Insurance recoveries of $24.1 million and interest and dividend income of $21.9 million more than offset $3.3 million of investment depreciation and the year's expenses. The financial statements recorded $1.6 million in personal injury claims settled, $11.8 million in operating expenses, and $1.0 million in claims-processing expenses, reflecting a trust still building its claims-payment operations.

At year-end, the T&N Subfund reported 110,003 unliquidated claims received and 511 claims paid since inception, with approximately $488,000 distributed on those claims. The report describes amendments allowing T&N payments in installments, while the FMP Subfund had not yet engaged a claims processor. These early-stage results show substantial asset accumulation alongside comparatively limited T&N distributions; Fel-Pro and Vellumoid claims followed separate litigation and insurance arrangements.