Asbestos Fund Debate to Begin on Feb. 6th

Article Added January 24th, 2006 - Print This Story - Bookmark This Story

A Bill that will allot more than $140 billion in restitution for asbestos victims is set to go before Senate on Feb. 5th. Co-sponsor Arlen Specter said that day will be for arguments and opening statements.

Asbestos was widely used for insulation and construction until the 1970s when it was found to be harmful. The inhaled fibers are linked to cancer, emphysema and other lung related diseases. Hundreds of thousands of claims have bogged down the judicial system, causing a need for a collective fund for settlements. The fund would be financed by defendant companies and insurers, and prevent victims from independently suing the companies.

The bill has stirred controversy in the business world and elsewhere, even though it is in part intended to relieve the burden to companies. Large companies would not have to pay as much percentage wise as small and medium companies. Specter said he expected some senators to offer up amendments to the bill, but hoped that advanced notice would be served in order to organize debate. This would be beneficial if the bill is passed, as payouts will consume a large amount of time.

Article Added January 24th, 2006 - Print This Story - Bookmark This Story