By JESSE J. HOLLAND, Associated Press Writer
6 minutes ago
WASHINGTON - Manufacturers and insurance companies 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. Millions of people have been exposed, and the diseases often take decades to develop.
Bill supporters say a trust fund would speed money to those suffering from asbestos-related illnesses and it would protect companies from the prospect of being sued out of existence.
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more:
http://news.yahoo.com/s/ap/20050526/ap_on_go_co/asbestos_lawsuits/nc:1278