Legislative Background
Recent Action on Asbestos Compensation
Two years ago, corporations facing asbestos-related law-suits, their insurers, and labor groups agreed that the best solution to the problem of increasing litigation would be to establish a trust fund established by private contributions. After at least a year of intense negotiations, Congress appeared to be close to agreement on legislation to provide compensation for victims of asbestos exposure. FAIR Act In June and July 2003, the Senate Judiciary Committee marked up legislation, introduced by Chairman Orrin Hatch (UT-R), to end all asbestos-related lawsuits and create a privately financed trust fund to compensate people with asbestos-related illnesses. Businesses and insurance…
