Asbestos Litigation Reform Bill - Asbestos Cases, Asbestos Compensation
U.S. Chamber Supports House Judiciary Committee Asbestos Litigation Reform Bill
Proposal Speeds Settlements and Unclogs Courts
WASHINGTON, D.C. - The United States Chamber of Commerce today called the House Judiciary Committee's passage of the Fairness in Asbestos Compensation Act (H.R. 1283) an important step toward resolving billions of dollars in compensation claims.
The asbestos litigation reform bill is designed to speed settlements, unclog courts and restore a measure of predictability for affected companies. The proposal establishes federal authority to speed compensation to the hundreds of thousands of people physically harmed by asbestos.
"Without asbestos litigation reform, the court system will continue to be tied up by bogus claims, while those truly injured by exposure to asbestos wait years for compensation that is consumed by attorneys' fees and other transaction costs," said Thomas J. Donohue, president and CEO of the U.S. Chamber.
"Meanwhile, numerous defendant companies are driven to bankruptcy, as they knuckle under and pay out billion dollar settlements to trial lawyers rather than legitimate claimants," he added.
Attorneys take a huge share of the settlement dollars Ð up to 60 cents on every dollar, according to Donohue. "Even more troubling, if left unchecked trial lawyers will be able to use the plaintiff bar's tactics from asbestos cases to target other industries. We applaud Chairman Hyde's strong leadership on this complicated but important issue," he concluded.
The U.S. Chamber is the world's largest business federation, representing more than three million businesses and organizations of every size, sector, and region.
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Asbestos litigation is leading to the bankruptcy of multinational corporations seeking protection from litigation that will soon approach $100 Billion Dollars worldwide.
These press releases were distributed by corporations commenting on their liability, government on legal reforms to end or stem payouts, as well as claimants and law firms announcing settlements for their clients.
Mesothelioma is a rare form of cancer. It affects the linings of the cavities around the lungs, stomach, and heart. It is caused by inhaling asbestos fibers, but the cancer usually does not appear until 10 to 40 years after a person first inhales asbestos.
Use and manufacturing of certain types of asbestos was outlawed in 1974. The re-construction and renovation of old buildings containing asbestos insulation products is now tightly regulated to protect workers from contracting asbestos-related diseases.