WASHINGTON, May 7 (UPI) -- Talks between U.S. Senate and House leaders about establishing a compensation fund for asbestos victims have broken down, though perhaps not permanently.
Senate Majority Leader Bill Frist, R-Tenn., and Minority Leader Tom Daschle, D-S.D., agreed Thursday night that the talks ongoing for the last two weeks -- with the retired federal judge Edward Becker working as a moderator among all stakeholders, including companies defending against asbestos legislation, labor union, insurers and lawyers for injured plaintiffs, were not productive and ended.
It is generally agreed that an industry funded trust to compensate victims and end the litany of lawsuits pending in state courts nationwide is a good idea.
While proponents of the plan that failed to move forward in the Senate last month contend the $116 billion plan laid out in that legislation is large enough, labor unions and other critics of the plan contend more money, as much as $150 billion may be needed to adequately compensate victims.
Despite the breakdown, Daschle said in a statement Friday that he and Frist have agreed to continue to work for a compromise.
