NU Online News Service, May 11, 3:23 p.m. EDT, Washington--Public Citizen, a consumer group, issued a report yesterday stating that the current draft of asbestos legislation would provide huge benefits for the insurance industry.
The report was issued a day before the Senate Judiciary Committee began to vote on amendments to the bill that would create an alternative claims handling mechanism for asbestos with a $140 billion trust fund to pay injury claimants.
In a report in advance of today's action on the bill, the RAND Corp. pre-released a study indicating that asbestos claimants have received only 42 percent of every dollar insurers and companies have paid to deal with asbestos litigation filed from the early 1970s through the end of 2002.
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