Asbestos Litigation Reforms -
Rise in Asbestos Claims, Wrongful Death Asbestos
Reforming Asbestos Litigation
A sharp rise in asbestos litigation since 1970 has resulted in many companies paying for claims related to employee exposure to asbestos, causing many of these companies to declare bankruptcy. From 1970 to 2000, 37 companies with significant liabilities related to asbestos exposure declared bankruptcy. From 2000 to mid-2004, 36 companies declared bankruptcy after verdicts affirmed their liability for asbestos exposure.
With so many companies affected by continued asbestos litigation, questions have been raised about economic fallout. A number of corporations have sought Chapter 11 reorganization to limit their asbestos exposure liability; however, section 524 (g) of the bankruptcy code states that proposed reorganization plans must be supported by 75% of current asbestos claimants in order to be approved. Asbestos law firms specialize in asbestos claims, representing high volumes of claimants and therefore wielding significant power over proposed reorganization negotiations.
In addition to concerns of asbestos lawsuits' effect on the economy, questions have been raised about whether funds will be available for compensation of future asbestos injury claimants. It has been suggested that asbestos litigation might be served better through a non-tort approach; but, worries over the effect this would have on future non-asbestos injury victims have prevented any change.
Government and Asbestos Lawsuits
Since 1970 and the inception of asbestos litigation, more than 15 bills have been introduced in Congress proposing asbestos litigation reform. It has proven to be a difficult task, as it requires a compromise between defendant corporations / insurers and asbestos lawyers.
Congress has proposed two major reform strategies:
- The first reform strategy revolved around restructuring the medical criteria of asbestos claims. Most claimants have non-malignant asbestos injuries. This proposal would prevent people who are not functionally impaired and do not have asbestos-related cancer from filing an asbestos lawsuit through the tort system. Though supported by the American Bar Association (ABA), this strategy was opposed by many asbestos lawyers representing clients who would no longer be eligible for compensation and by a variety of union leaders seeking to protect their professions and the employees therein.
- The second reform strategy suggested the creation of an asbestos-injury trust fund that would replace tort litigation. To be funded by defendant corporations and insurers, this administrative compensation program provided no medical criteria for eligibility. Defendant corporations and insurers were therefore unable to come together on a funding formula, worrying that broad eligibility would overwhelm the trust fund.
The U.S. Senate is currently reconsidering the trust fund strategy, with the inclusion of medical criteria limiting claimant eligibility.
Mesothelioma Compensation
Mesothelioma compensation is determined on a case-by-case basis. Factors affecting malignant mesothelioma compensation include pain and suffering, medical expenses, lost wages, the parties responsible for asbestos exposure and the laws in your state. Having mesothelioma does not entitle someone to compensation. An asbestos lawyer must show a causative link between product manufacturers and claimants' mesothelioma injury.
Mesothelioma legal rights determine whether an individual is eligible for malignant mesothelioma compensation. Mesothelioma lawsuits have a statutory deadline that is typically within several years of diagnosis. Filing your mesothelioma lawsuit within the statutory window of opportunity is essential. A mesothelioma injury must then be tied to specific asbestos exposure at a specific location. Mesothelioma lawyers have experts on staff that can help track down this information. Assuming an individual is eligible and causation can be established, a mesothelioma settlement can be anywhere from several thousand to several million dollars.
Wrongful Death Asbestos
Wrongful death asbestos and wrongful death mesothelioma claims involve claimants who have died because of an asbestos-related disease. There is a statutory deadline for filing asbestos wrongful death claims; this deadline requires that the claimant's executor of estate file a wrongful death claim within several months following the claimant's death.