Date: July 8, 2004
Source: News Room
U.S. Senate majority leader Bill Frist (R-Tenn.) hopes to have a Republican counterproposal for a multimillion-dollar fund for asbestos victims later this week. Last month, Senate Democratic leader Tom Daschle of South Dakota suggested establishing a national fund of $141 billion to compensate asbestos victims. So far, companies have paid an estimated $70 billion on roughly 73,000 asbestos personal injury claims, according to the Rand Institute for Civil Justice. Senators have been working to develop legislation that would establish a victims' compensation fund, which would be funded by asbestos litigation defendants and insurers and end the rights of victims to file further suits.
More information: frist.senate.gov.
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