Over 30 Billion dollars in trust fund money has been set aside for asbestos victims.
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January 14th, 2005
After several years of unsuccessful wrangling, another asbestos trust fund bill has been drafted and put forward – and has met with a frosty reception from the business community. The bill, drafted by Pennsylvania Republican, Sen. Arlen Specter, was slated by businesses and the US Chamber of Commerce because it was too expensive.
President Bush has spent the new Year urging relevant parties to move swiftly on curbing asbestos lawsuits and litigation, which he states are costing the United States billions of dollars each year, are harming the industry and economy, and are sending many companies into bankruptcy. "They need to act and get the job done. I look forward to signing an asbestos reform in 2005," he said.
Thomas Donohue, U.S. Chamber of Commerce chief, stated after seeing the draft bill that it went too far and was too costly. He added that, unless the bill was revised quite radically, it would most likely be rejected on a mass scale by the business industry, and that other ways of limiting liability would have to be considered for these businesses. "It appears from the reaction of a number of groups in the business community ... that this negotiation, where it is, has gone too far."
The republican victory in last year’s elections means that asbestos litigation is likely to be close to the top of the agenda this year, with Bush striving to curb litigation as soon as possible, which he claims will be fairer to both the industry and the claimant.
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