A bill that would clear thousands of asbestos-related cases came to a halt in the U.S Senate in February when an attempt to override a filibuster failed by a single vote. But advocates on both sides of the issue now say Senate Majority Leader Bill Frist, R-Tenn., is working to reintroduce the bill.
The consequences for victims of asbestos poisoning in Maryland if the bill passes could be good or bad, depending on whom you believe.
The bill would set up a fund to compensate victims directly, eliminating all pending litigation. It would be funded with $140 billion contributed by asbestos manufacturers and their insurers, and the money would be distributed based on medical need. Lawyer?s fees would be capped at 5 percent.
Peter Angelos, one of the best-known asbestos litigators in the country, thinks the Fairness in Asbestos Injury Resolution Act ? or FAIR ? is a bad idea.
“All citizens should have access to the courts to resolve their claims. This bill would take that way,” Angelos said.
But Darren McKinney, a spokesman for the National Association of Manufacturers, countered that asbestos litigation is costly and time-consuming. “This bill will get money to the victims, not the lawyer, and help them before they die,” he said.
McKinney says that while the total amount of money paid out in asbestos-related litigation is $70 billion to date, the fund will have $140 billion to compensate current and future victims.
“Given what?s been paid out in the past and the reduced amount of asbestos, there?s certainly enough to comfortably cover the nut,” he said.
But Angelos said he is concerned about the lack of specifics regarding where the money will come from ? exactly which companies and how much.
Angelos said he believes the $140 billion is a pie-in-the-sky figure that the federal government could possibly get stuck paying.
“It could end up being like the black lung fund, with the U.S taxpayer picking up the tab,” Angelos said.
