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twitterCommittee passes bill creating trust fund for victims
Friday, May 27, 2005 | 9:24 a.m.
WASHINGTON -- Manufacturers and insurance firms would be shielded from multimillion-dollar lawsuits from people with asbestos-related diseases in exchange for funding a $140 billion trust fund under legislation that has cleared its first hurdle.
Supporters claim a fund like the one the Senate Judiciary Committee approved Thursday is the only way to stop large asbestos lawsuits that have bankrupted such companies as Owens Corning Fiberglas and W.R Grace, and left sick people with no way to pay their medical bills.
The trust fund would compensate people sickened by exposure to asbestos, a fibrous mineral commonly used in construction until the mid-1970s. Asbestos has tiny fibers that can cause cancer and other ailments when inhaled.
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