Wallace & Gale Asbestos Trust Annual Reports, 2011–2025

Wallace & Gale’s net assets increased $63 during 2025, from $597,975 to $598,038. Insurer reimbursements and administrative expenses were each $400,000, so the increase consisted entirely of interest income. Expenses included $192,082 in legal fees, $112,724 in trustee fees, $62,119 in audit costs, $31,073 in insurance costs, and $2,002 in actuarial costs. Lower legal spending helped offset increases in other categories, keeping total costs level with 2024.

The annual report records 11 new claims, 44 settlements, and 2,535 other dispositions. Claims were handled through insurers, and the Trust reported no direct asbestos bodily injury claim payments. The stable net asset balance reflects reimbursement of administrative expenses; it should not be interpreted as the cash cost or gross value of the claims resolved during the year.

Wallace & Gale ended 2024 with net assets of $597,975, up $69 from $597,906. Insurer reimbursements and administrative expenses were both $400,000, leaving interest income of $69 as the entire increase. Expenses consisted of $199,761 in legal fees, $109,547 in trustee fees, $58,857 in audit costs, and $31,835 in insurance costs. Total spending remained effectively unchanged from 2023, with lower legal costs offsetting increases elsewhere.

The annual report records 10 new claims, 35 settlements, and 2,072 other dispositions. This activity was handled through the Trust’s insurers, and the Trust reported no direct asbestos bodily injury claim payments. The financial statements show a stable administrative balance, with annual reimbursements fully covering reported expenses.

Wallace & Gale’s net assets increased $60 in 2023, from $597,846 to $597,906. Insurer reimbursements of $400,000 and interest income of $103 almost exactly matched administrative expenses of $400,043. Legal fees declined to $204,078, while trustee fees were $105,945, audit costs $56,870, and insurance costs $33,150. Changes among these expense categories left total spending essentially unchanged from 2022.

The annual report records eight new claims, six settlements, and 2,293 other dispositions. Insurers handled the claims, and the Trust reported no direct asbestos bodily injury claim payments. Administrative resources remained stable because annual reimbursement funding continued to cover virtually all reported costs.

Wallace & Gale ended 2022 with net assets of $597,846, an increase of just $111 from $597,735. Insurer reimbursements of $400,000 and interest income of $68 essentially matched administrative expenses of $399,957. Legal fees totaled $224,530, trustee fees $99,479, audit costs $41,948, and insurance costs $34,000. Total costs remained close to 2021’s $401,950, keeping the administrative balance stable.

The annual report records nine new claims, four settlements, and 4,037 other dispositions. Claims were handled through insurers, and the Trust reported no direct asbestos bodily injury claim payments. The stable net asset balance therefore reflects the near match between administrative reimbursements and expenses, rather than a measure of the value of claims resolved.

Wallace & Gale’s net assets were nearly unchanged in 2021, declining $1,917 from $599,652 to $597,735. Insurer reimbursements of $400,000 and interest income of $33 covered almost all of the $401,950 in administrative expenses. Costs fell substantially from $593,018 in 2020; the largest items were legal fees of $230,820, trustee fees of $92,971, audit costs of $44,159, and insurance costs of $34,000.

The annual report records 12 new claims, 180 settlements, and 6,002 other dispositions. Insurers handled this claims activity, and the Trust reported no direct asbestos bodily injury claim payments. The sharp reduction in administrative spending brought annual operations close to balance and largely preserved the remaining administrative resources.

Wallace & Gale ended 2020 with net assets of $599,652, down $162,526 from $762,178. Insurer reimbursements totaled $430,400, including $30,400 attributable to prior years, and interest income was $92. Administrative expenses rose to $593,018 from $468,999, including $404,758 in legal fees, $91,687 in trustee fees, $53,925 in actuarial costs, and $42,593 in audit costs. Even with the additional reimbursement, costs materially exceeded annual receipts.

The attached audited financial statements describe the Trust’s administrative finances and report no direct asbestos bodily injury claim payments; claims were handled through insurers. The attachment does not include an annual claims-activity narrative, so it does not support a summary of new claims or dispositions for 2020.

Wallace & Gale’s net assets declined $76,309 in 2019, from $838,487 to $762,178. Insurer reimbursements of $392,400 and interest of $290 fell short of administrative expenses of $468,999. Expenses increased from $397,474 in 2018, with legal fees of $279,740, trustee fees of $91,139, and audit costs of $63,920 accounting for most of the total.

The annual report records 267 new claims, 184 settlements, and 1,801 other dispositions. Insurers handled the claims, and the Trust reported no direct asbestos bodily injury claim payments. The decline in reported net assets thus reflects an administrative funding shortfall, rather than the value of claims settled during the year.

Wallace & Gale ended 2018 with net assets of $838,487, a decrease of $4,734 from $843,221. Insurer reimbursements totaled $392,400 and interest income was $340, compared with administrative expenses of $397,474. Legal fees of $257,800 and trustee fees of $88,147 were the largest costs. Expenses fell sharply from $677,010 in 2017, leaving the Trust close to balance without another $1 million insurer settlement.

The annual report records 279 new claims, 120 settlements, and 620 other dispositions. These claims were handled through insurers, and the financial statements report no direct asbestos bodily injury claim payments by the Trust. The year’s small reduction therefore reflects the cost of administering the Trust relative to reimbursement income.

Wallace & Gale’s unaudited 2017 cash statement shows a year-end balance of $843,221, up $715,611 from $127,611. The increase was driven by a one-time $1 million Adriatic settlement, in addition to $392,400 in insurer reimbursements and $220 in interest. Operating expenses rose to $677,010 from $450,578 in 2016, so the large cash increase reflected the settlement rather than lower costs or recurring funding exceeding expenses.

The annual report records 634 new claims, 160 settlements, and 837 dismissals or other dispositions. Claims were handled through the applicable insurance arrangements; settlement activity is distinct from spending from the Trust’s administrative cash account. The financial figures presented for this year are unaudited.

Wallace & Gale’s unaudited 2016 cash statement shows a year-end balance of $127,611, down $58,083 from $185,693. Insurer reimbursements of $392,400 and interest of $95 were insufficient to cover $450,578 in operating expenses. The report notes that a $7,600 insurer share had not been received by year-end. The increase in spending from 2015 reduced the administrative cash available to carry forward.

The annual report records 556 new claims and 384 cases settled or otherwise disposed of. Claims were handled under the Trust’s insurance arrangements, so these activity figures should not be read as direct payments from the administrative cash account. The financial figures presented for this year are unaudited.

Wallace & Gale ended 2015 with net assets of $185,693, up $66,596 from $119,097. Insurer reimbursements totaled $411,520, including $11,520 attributable to a prior year. The Trust also recognized $26,175 in net life insurance proceeds and $131 in interest. Administrative expenses fell to $371,230 from $475,209, led by legal fees of $216,448 and trustee fees of $84,453.

Lower expenses, the additional reimbursement, and the net insurance proceeds together restored administrative resources. The $26,175 represents insurance proceeds after the policy’s recorded carrying value, rather than the gross death benefit. Asbestos claims continued to be handled through insurers, and the Trust reported no direct asbestos bodily injury claim payments.

Wallace & Gale’s net assets fell $81,709 in 2014, from $200,806 to $119,097. Insurer reimbursements totaled $400,000, while administrative expenses rose to $475,209 from $400,644 in 2013. Legal fees of $284,925, trustee fees of $83,123, and insurance costs of $70,000 accounted for most of the spending. A $6,500 net investment loss, primarily reflecting lower life insurance surrender value, further reduced net assets.

Higher administrative costs and the absence of the prior year’s one-time $75,000 payment explain the reversal of 2013’s increase. The Trust’s financial statements track administrative resources; asbestos claims were handled through insurers, and no direct asbestos bodily injury claim payments by the Trust were reported.

Wallace & Gale ended 2013 with net assets of $200,806, an increase of $69,675 from $131,131. Funding included $396,455 in insurer reimbursements and a one-time $75,000 payment from Travelers addressing carried-over expenses. Administrative expenses totaled $400,644, principally $252,164 in legal fees and $82,907 in trustee fees. A $1,136 net investment loss slightly reduced the benefit of the additional funding.

The improvement chiefly reflected the one-time payment, while annual administrative expenses remained close to their 2012 level. These balances represent administrative resources, including life insurance values; insurers handled asbestos claims, and the Trust reported no direct asbestos bodily injury claim payments.

Wallace & Gale’s net assets declined $10,911 during 2012, from $142,042 to $131,131. Insurer reimbursements totaled $392,025 against administrative expenses of $397,047, including $256,970 in legal fees, $75,000 in trustee fees, $34,215 in insurance costs, and $30,862 in audit costs. A $5,889 net investment loss, driven by a reduction in life insurance surrender value, added to the operating shortfall.

Administrative spending was lower than in 2011, but reimbursements and investment results did not fully cover costs. The statements concern the Trust’s administrative finances; asbestos claims were handled through insurers, and the Trust reported no direct asbestos bodily injury claim payments.

Wallace & Gale ended 2011 with net assets of $142,042, down $27,008 from $169,050. Insurer reimbursements of $400,000 funded most of the Trust’s $417,089 in administrative expenses, led by $286,248 in legal fees and $75,486 in trustee fees. Expenses fell from $641,444 in 2010, but still exceeded reimbursements. A $9,919 net investment loss, principally a decline in life insurance surrender value, further reduced net assets.

These accounts describe the Trust’s administrative resources, including life insurance values, rather than a fund making direct claimant payments. Insurers handled asbestos claims under the applicable insurance arrangements, and the financial statement notes report no direct asbestos bodily injury claim payments by the Trust.