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April 20th, 2005
Senator Arlen Specter stated earlier this week that the trust fund for asbestos victims is almost at completion. The trust fund idea has been around for a while, and in the past has failed even after much planning. However, this latest bid to set up a $140 billion trust fund for the payment of compensation to asbestos and mesothelioma victims is thought to be near completion by the Senator.
As with all other attempts at creating this trust fund, the plans have been met with opposition from various parties. However, Arlen Specter states that he is ready to compromise in order to gain the necessary support, and that these compromises will enable the trust fund to move forward. He stated: I'm more than hopeful; I'm optimistic we'll have a bill which will get out of committee and beyond."
The bill has already seen some changes since conception, but the main aim of the bill is to provide a large trust fund for the payout of compensation to asbestos victims and eliminate the court based system for the claiming of asbestos compensation. The fund will be funded by insurers and asbestos related companies in exchange for an end to further lawsuits being filed against them.
There are concerns about claims being made by those that are not really sick, leaving the people that are sick out in the cold. Specter stated: "You have to be able to prove that the problem you have is caused by asbestos," Specter said. "And we have $140 billion, but we have a lot of claimants, and we're concerned that the people who are really sick get paid."
