Big decisions for US asbestos reform
The asbestos agenda is hotting up in the US Senate, with draft bills for asbestos reform creating significant debate among senators.
Pennsylvania Republican Arlen Specter, who is behind the push for a no-fault scheme buffeted by a $US140 billion compensation fund, is considering changes to his draft bill in a bid to satisfy the agendas of both Republicans and Democrats.
In The Washington Post last week, Mr Specter indicated the bill is at a critical stage and urged compromise. “If everyone insists on the last bit of advantage, there will be no bill,” he said.
Mr Specter’s bill has struggled to appease major parties, with disagreement revolving around the adequacy of proposed funds, the extent of the fund’s coverage for cases already filed in court and the potential re-packaging of asbestos claims as silica claims.
In the meantime, Florida lawmakers are also in discussion over asbestos-related legislation, with State Republican Joe Pickens introducing a bill that would ban punitive damages in civil cases alleging asbestos or silica injury.
Mr Pickens’ bill, The Asbestos and Silica Compensation Fairness Act of 2005, also proposes strict medical criteria thresholds for cases to enter court, along with collateral source payments.
Injury claims from asbestos in the US have resulted in bankruptcy for a number of companies who supplied the fibrous substance until the 1970s, including building product company USG who filed for bankruptcy in 2001, in anticipation of crippling claims.
The US Senate recently gave a 72-76 approval for The Class Action Fairness Act 2005, which will shield businesses from major class action suits.