Outlook for Asbestos Bill Unclear
Article Added February 1st, 2006 - Print This Story - Bookmark This Story
The asbestos bill that would reform the measure for creating a $140 billion trust fund for asbestos victims heads to the Senate floor this week. After months of delay, the prospects of the bill for victim compensation remains unclear.
The proposed legislation would move asbestos cases out of court and settle with the victims by way of a federal trust fund for those sickened by the material. A federal office devised by the bill would oversee disbursements ranging from $25,000 to over $1 million in damages, funds that have been contributed by companies and insurance companies. By giving money to the fund, the companies would acquire relief from any further liability. The bill would also limit lawyers’ fees for the process, capping the fee at around 5% of the award. The bill has come under fire from critics who fear that those suffering could be given nothing while absolving companies of any liability.
The bill was cleared last year by the Senate Judiciary Committee, but was delayed by concerns over the legislature and a busy Senate schedule. Those who are behind the bill have taken advantage of the delay by visiting senators’ offices to rally votes. The bill may get Senate approval, but could end there since other proposals are on the floor. Backers of the bill are expecting to run interference for the proposal over the next few weeks.
Article Added February 1st, 2006 - Print This Story - Bookmark This Story
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