Leslie Controls Asbestos Trust Annual Reports, 2011–2025

Leslie Controls’ trust ended 2025 with $62.0 million in net claimants’ equity, down $2.0 million from $64.0 million. Interest, dividends and investment gains contributed $6.24 million before advisory fees, but claims expense rose to $7.01 million. Other deductions included $767,000 in operating expenses, $134,000 in claims processing and consulting fees, $208,000 in investment advisory fees and $139,000 in federal income tax expense. Insurance settlements contributed only $12,000.

The payment percentage increased from 5% to 6.25% in July 2025, prompting approximately $5.66 million in supplemental payments on previously paid claims. This explains much of the increase in distributions. The claims schedule’s 8,934 approved-claim payment transactions include supplemental and refund activity and are not a count of unique claimants. That schedule totals $6,999,229.77, while the financial statements report $7,005,221 in claims expense and the claims-payable note reports the same amount in cash paid. These differing totals are retained without treating them as interchangeable.

Leslie Controls’ trust reported $64.0 million in year-end net claimants’ equity for 2024, an increase of $2.5 million from $61.5 million. Insurance settlements contributed $970,000, while interest, dividends and investment gains added $3.5 million before advisory fees. Total deductions were $2.0 million, including $784,000 in claims expense, $825,000 in operating expenses, $159,000 in claims processing and consulting fees and $200,000 in investment advisory fees.

The claims-payable note reports $857,717 in cash paid to claimants and $172,612 still payable at year-end. The claims schedule separately reports 3,991 filings and 669 approved claims paid for $857,940, a small difference from the financial note. The payment percentage remained 5%. Positive investment results and insurance recoveries exceeded the year’s claims and expenses, although the increase in equity was smaller than in 2023.

Leslie Controls’ trust ended 2023 with $61.5 million in net claimants’ equity, up $5.0 million from $56.5 million. Insurance settlements added $1.9 million, while interest, dividends and realized and unrealized investment gains contributed another $4.9 million before advisory fees. Operating expenses were $872,000, claims processing and consulting fees were $123,000, and investment advisory fees were $193,000.

The trust paid $2.21 million to claimants, even though reported claims expense was only $623,000. The report explains that the basis for estimating claims payable changed to include only claims allowed by the trust and accepted with an executed, approved release; claims payable fell from $1.83 million to $247,000. The expense decline therefore should not be read as an equivalent reduction in claimant payments. The claims schedule reports 3,599 filings and 1,305 approved claims paid, and the payment percentage remained 5%.

Leslie Controls’ trust reported $56.5 million in net claimants’ equity at the end of 2022, down $10.1 million from $66.6 million. Investment losses drove much of the decline: realized losses totaled $1.29 million and unrealized losses $6.56 million, compared with interest and dividends of $1.35 million. Insurance settlements contributed only $24,000, following the much larger recovery in 2021.

Claims expense was $2.29 million, with $198,000 in claims processing and consulting fees, $951,000 in operating expenses and $190,000 in investment advisory fees. The claims schedule reports 3,328 filings and approximately $1.80 million paid. Claims payable increased by about $486,000, explaining why the accounting expense exceeded cash distributions. The payment percentage remained 5%, and the combination of market losses and ongoing claims and expenses reduced equity despite positive interest income.

Leslie Controls’ trust ended 2021 with $66.6 million in net claimants’ equity, up $13.8 million from $52.8 million. Insurance settlements of $13.0 million were the principal driver, supplemented by $4.0 million in net investment income after advisory fees. Investment results included $1.3 million in interest and dividends, $1.0 million in realized gains and $1.9 million in unrealized gains.

Claims expense was $2.21 million, with $117,000 in claims processing and consulting fees and $909,000 in operating expenses. The claims schedule reports 3,748 filings and approximately $2.19 million paid, while the payment percentage remained 5%. The insurance recoveries substantially strengthened the trust’s resources: operating activities generated $11.3 million in cash, much of which was reinvested rather than retained in the cash balance.

Leslie Controls’ trust reported $52.8 million in year-end net claimants’ equity for 2020, an increase of only $68,000 from $52.7 million. Net investment income after advisory fees totaled $3.6 million, including $2.45 million in unrealized gains, while insurance settlements contributed just $28,000. Those additions nearly matched $3.6 million in claims and other deductions.

Claims expense was $2.34 million, claims processing and consulting fees were $121,000, and operating expenses increased to $1.13 million from $491,000 in 2019. The claims schedule reports 4,298 filings and approximately $2.23 million paid, distinct from the accrued claims expense. The payment percentage remained 5%. Investment gains helped preserve equity, but operating activities used $1.75 million in cash, illustrating the difference between valuation gains and cash available to fund payments.

Leslie Controls’ trust ended 2019 with $52.7 million in net claimants’ equity, an increase of $4.2 million from $48.6 million. Investment results improved sharply: net investment income after advisory fees totaled $5.7 million, including $4.35 million in unrealized gains, compared with a $269,000 net investment loss in 2018. Insurance settlements contributed another $1.3 million, down from $5.7 million the prior year.

Claims expense declined from $2.7 million in 2018 to $2.2 million in 2019. Claims processing and consulting fees fell to $94,000, and operating expenses to $491,000, from $185,000 and $1.3 million respectively. The payment percentage remained 5%. The combination of stronger investment valuations and lower expenses produced a larger increase in equity than in 2018, although unrealized gains increased reported value without themselves providing cash.

Leslie Controls’ trust reported $48.6 million in net claimants’ equity at year-end 2018, up $1.2 million from $47.3 million in 2017. Insurance settlements of $5.7 million drove the increase despite a net investment loss of approximately $269,000 after advisory fees. Interest and dividends of $1.4 million and realized gains of $109,000 were outweighed by $1.6 million in unrealized losses and $155,000 in advisory fees.

Settled-claim expense increased from $2.2 million in 2017 to $2.7 million in 2018. Claims processing and consulting fees were $185,000 and operating expenses were $1.3 million, compared with $142,000 and $831,000 the prior year. The payment percentage remained 5%. Unlike 2017, when positive investment results still left a $1.25 million decline in equity, the insurance recovery more than covered the investment shortfall and the year’s claims and expenses.

Leslie Controls’ trust ended 2017 with $47.3 million in net claimants’ equity, down $1.25 million from $48.6 million. The prior year had increased equity by $15.4 million, largely through $18.0 million in recognized insurance settlements. No new insurance settlement additions were recorded in 2017, although collection of the $3.45 million receivable from the prior year provided cash without creating a second addition to equity.

Net investment income after advisory fees totaled $1.9 million in 2017, including $837,000 in interest and dividends and $1.33 million in unrealized gains, partly offset by realized losses. Settled-claim expense remained near $2.2 million, with $142,000 in claims processing and consulting fees and $831,000 in operating expenses. The reported payment percentage remained 5%. Positive investments supported distributions and costs but did not fully offset them.

Leslie Controls’ trust reported $48.6 million in net claimants’ equity at the end of 2016, a $15.4 million increase from $33.2 million in 2015. In contrast, 2015 had produced a $4.8 million decline, with $4.6 million in settled-claim expense against only $262,000 in total additions. The reversal in 2016 was driven by approximately $18.0 million in recognized insurance settlements, rather than investment performance alone; $3.45 million remained receivable at year-end.

Net investment income after advisory fees was approximately $345,000 in 2016, including a $194,000 unrealized loss. Settled-claim expense was $2.2 million, claims processing and consulting fees were $208,000, and operating expenses were $564,000. The reported payment percentage remained 5%. The insurance recovery materially replenished the trust’s equity, while the receivable explains why the full recognized settlement amount was not yet available as cash.

Leslie Controls’ trust ended 2014 with $38.1 million in net claimants’ equity, down $2.8 million from $40.9 million. This was a much smaller decline than the $22.1 million decrease recorded in 2013. Settled-claim expense fell from $22.7 million in 2013 to $2.5 million in 2014. The payment percentage was reduced from 40% to 5% effective May 20, 2014, with unpaid settled claims subject to the percentage in effect when paid.

Insurance settlements of $90,000 and net investment income of $197,000 produced only $287,000 in additions during 2014. Investment results included $514,000 in interest and dividends, $246,000 in realized gains and $477,000 in unrealized losses, before $86,000 in advisory fees. Claims processing and consulting fees were $258,000 and operating expenses were $318,000. The lower settlement charge slowed the decline in equity, but it should not be equated with cash distributions because outstanding claims liabilities also changed.

Leslie Controls’ trust reported $40.9 million in year-end net claimants’ equity for 2013, compared with $63.0 million in 2012 and $78.0 million at the start of 2012. The annual decline widened from $15.0 million in 2012 to $22.1 million in 2013, principally as settled-claim expense increased from $15.6 million to $22.7 million. These are accounting charges for settlements, rather than necessarily cash paid in the same year.

During 2013, insurance settlements contributed $785,000 and investment results added approximately $542,000 after advisory fees, including a $191,000 unrealized loss. Claims processing and consulting fees were $245,000 and operating expenses were $475,000. Those additions were far below the claim settlement charges, continuing the substantial reduction in equity seen in 2012. The report described an unchanged initial payment percentage of 40%.

Leslie Controls’ trust ended 2012 with $63.0 million in net claimants’ equity, down $15.0 million from $78.0 million at the end of its initial 2011 reporting period. The 2011 comparative figures show $77.8 million in contributions and insurance settlements, $578,000 in net investment income and $407,000 in operating and claims-related costs, with no claim settlement expense. In 2012, $350,000 in insurance settlements and $1.2 million in net investment income provided much smaller additions.

The trust recorded $15.6 million in settled claims in 2012, plus $286,000 in claims processing and consulting fees and $617,000 in operating expenses. Settled claims payable totaled $7.3 million at year-end, so the settlement expense should not be read as cash already distributed. The initial payment percentage remained 40%. Collection of the $1.0 million Leslie note during 2012 converted an existing receivable into cash rather than adding new funding to equity.

Leslie Controls’ asbestos trust began operations on April 28, 2011 and ended its initial reporting period with $78.0 million in net claimants’ equity. The statements recorded $77.8 million in contributions and $578,000 in net investment income, including $338,000 in unrealized gains. Operating and professional deductions totaled $407,000, with general counsel, trustee and future-claimant representation costs among the principal components.

No claim settlement expense was recorded during this initial period. Most assets were invested, with a separate $1.0 million note receivable from Leslie Controls and approximately $232,000 in cash and cash equivalents at year-end. The report therefore primarily documents establishment and funding of the trust, rather than a year of claimant distributions.