Washington, DC, May 30, 2006--The Asbestos Study Group, a group of U.S. companies representing over 1.5 million workers, lauded revised asbestos legislation introduced recently in the Senate.
The study group said: "Today's introduction of revised asbestos reform legislation by Senate Judiciary Committee Chairman Specter and the Committee's ranking Democrat, Senator Leahy, is a critical step toward a solution that will finally ensure that victims with asbestos-related illnesses are compensated fairly and promptly.
'Throughout this process, the members of the ASG have worked with Majority Leader Frist, Chairman Specter, Senator Leahy and other Senators to obtain Senate approval of this critically important legislation. The ASG will continue to provide its full support to the effort as the Senate turns its attention to the revised bill. This bill holds the promise to at last solve a national problem that has for too long harmed victims, workers, retirees and the U.S. economy.
"In the three and a half months since this critical issue was put aside on a procedural vote, more and more claims have been filed, more jobs and pensions have been threatened and more truly ill asbestos victims have entered a broken tort system in which they will stand in very long lines, often behind those who are unimpaired. Without the comprehensive relief this legislation will provide, thousands of asbestos victims will wait years for their day in court. Some will die without ever seeing a dollar of compensation. And without a legislative solution, more U.S. companies may find themselves faced with bankruptcy; to date, more than 75 U.S. companies have been forced into bankruptcy by asbestos litigation. It is critical that the Senate take action this year.
"While the Chairman and Senator Leahy are to be commended for their commitment to solving the national asbestos litigation crisis, it is also fitting to acknowledge the significant contributions of Judge Edward R. Becker, who passed away just this last week. After a distinguished 35-year career on the Federal bench, Judge Becker, at Senator Specter's request, took on the task of attempting to mediate a legislative solution to the asbestos crisis. Over a period of nearly three years, Judge Becker convened more than fifty meetings of stakeholders, including manufacturers and other defendants, trial lawyers, organized labor, the insurance industry and others. These meetings and the tireless efforts of Judge Becker were critical to the development of the legislation introduced today."
The Asbestos Study Group, a group of U.S. companies representing over 1.5 million employees, was formed in 2001 to explore possible approaches to resolve the asbestos litigation crisis. It is comprised of companies not historically associated with asbestos manufacture or production, but that have nonetheless been swept into the asbestos litigation morass.
