The chairman of the Senate Judiciary Committee says the asbestos litigation reform legislation the Senate will take up this week represents the only realistic opportunity to pass such legislation in the near future.
The bill, S. 852, will be taken up by the Senate as early as Monday. It would create an alternative claims processing system funded by $140 billion in contributions by various stakeholders, including defendants and insurers.
Under the plan, insurers would contribute $45 billion over 27.5 years to the fund, mostly in the early years.
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