Over 30 Billion dollars in trust fund money has been set aside for asbestos victims.
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May 6th, 2005
A report in the Washington Post has stated that Senator Arlen Specter has this week introduced a bill that will provide for a $140 billion trust fund for victims of asbestos exposure. However, the bill could reduce or eliminate the claims of some smokers, and is also aimed at reducing the litigation fees for representative lawyers according to the newspaper report.
There is opposition on both sides of the trust fund fence, with many of those that were in favor of a trust fund – such as insurance companies – claiming that the terms of the fund are too flexible and generous, and those that were opposed to the fund stating that there is nowhere near enough cash in the kitty to fund the multi-billion dollar asbestos litigation boom.
The bill makes provisions for the payment of eligible compensation funds to be paid to patients with a shorter life expectancy as soon as possible, and for payment to be made within two years maximum to others. The bill also states that if this is not done, or if funding runs dry, then claimants can return to make their claim through the courts. This part of the bill is the one that insurers are not at all happy about.
Those with lung cancer that also smoke will have to prove that the cancer is connected to asbestos exposure before being eligible to claim through the trust fund, which could cut the number of claims, and the planned reduction in legal claims could also cut down on payments made from the find. However, sceptics continue to state there will not be enough money in the fund.
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