NU Online News Service, May 12, 12:38 p.m. EDT, Washington–The Senate Judiciary Committee continues to draft legislation creating an alternative resolution system for asbestos injury claims today after passage of a key amendment yesterday.
Passage of an amendment, providing accelerated payments to the sickest victims, makes it more likely that such legislation will make it out of the committee before the Memorial Day break. The amendment was passed by voice vote. The bill would create a $140 billion fund to pay claimants.
Sen. Dianne Feinstein, D-Calif., introduced the key amendment. She had warned for several weeks that failure to include such language was a deal-breaker for her.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
