WASHINGTON, Jan. 19 (UPI) -- Senate Judiciary Chairman Arlen Specter, R-Pa., has proposed enactment of a $140 billion compensation fund for asbestos victims.
The proposal, to be introduced in a bill next week, is part of Specter's plans for quick action on the issue following failed efforts in the last Congress to come to bipartisan agreement on legislation removing asbestos exposure-related civil actions out of the auspices of courts.
Specter said in a committee hearing Wednesday that movement as soon as possible in February was needed if the issue is to move ahead.
The new proposal would remove such cases from courts and create a trust fund to pay claimants.
It would be funded by businesses, insurers and trusts representing bankrupt manufacturers of the carcinogenic fiber who would be shielded from further lawsuits.
The level of funding for the compensation fund was the major sticking point in negotiations between Democrats and Republicans in the last congress, but Specter noted that if insufficient to pay all claims, they are able return to the jury trial system under the proposal.
Hundreds of thousands of claims are estimated to be in civil courts.
