Legal Reforms Result in Less Asbestos Litigation

Article Added August 1st, 2006 - Print This Story - Bookmark This Story

It seems that the amount of asbestos litigation in the US is on the decline after reforms have been brought before the government. As new laws and regulations are implemented, less time will be needed in court for asbestos cases.

Dozens of companies have felt the pinch of asbestos litigation in the last couple of decades, sometimes having to declare bankruptcy to pay fines and compensation. But new evidence shows that the amount of litigation in US courts is decreasing after consecutive years of reforms to the system. Almost 80 companies have had to declare bankruptcy over “third party” litigation, where the person has been exposed to asbestos but is not yet sick. Reforms have outlined and streamlined who can and cannot sue for compensation, as well as detailing ways that payouts are to be accomplished and received.

The reforms have led to a drop of plaintiffs by 75% in some cases and are now giving hope to large corporations that have been riddled with lawsuits over a period of two decades. While the way of gaining compensation has changed, the need for such compensation has not; a fund that would supply payouts for asbestos victims failed by two votes in the Senate earlier this year.

Article Added August 1st, 2006 - Print This Story - Bookmark This Story