Over 30 Billion dollars in trust fund money has been set aside for asbestos victims.

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Asbestos Trust Fund Proposal Fro Senator Daschle

A new trust fund proposal for mesothelioma and asbestos victims has been put forward by Senator Daschle to Senator Frist. The proposal is for a $145 billion trust fund, of which $141 billion will be industry funded and $4 billion would be from bankruptcies.

The American Union Movement, AFL-CIO, have stated that they will not back the proposal, and they have previously stated that they will not back any proposal of under $149 billion, as anything less than this would not be enough to support current and future victims of mesothelioma.

The proposal put forward by Senator Daschle is currently just a verbal one, and comprises the following:

current claims can continue to go through court until the trust fund is established and fully functional;
$42 billion is to be paid in to the fund in the first 3-5 years;
claimants will be able to prove exposure to asbestos through sworn affidavit;
and if the fund becomes insolvent, claimants can return to the current system in order to pursue claims.

Frist has not yet responded to Daschle’s proposal, and it is thought that there are also many insurers and businesses that may not support the proposal, on which Daschle has already stated he will not back down.

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