Download This Bill in Microsoft Word format

Indicates Matter Stricken
Indicates New Matter

S. 853

STATUS INFORMATION

Concurrent Resolution
Sponsors: Senator Martin
Document Path: l:\s-res\lam\016asbe.mrh.doc

Introduced in the Senate on May 17, 2005
Currently residing in the Senate Committee on Judiciary

Summary: National Trust Fund

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   5/17/2005  Senate  Introduced SJ-8
   5/17/2005  Senate  Referred to Committee on Judiciary SJ-8

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

5/17/2005

IN SUPPORT OF THE ESTABLISHMENT OF A NATIONAL TRUST FUND TO ASSURE TIMELY AND EQUITABLE COMPENSATION FOR VICTIMS OF ASBESTOS-RELATED DISEASES.

Whereas, the continuing wave of asbestos claims has hopelessly clogged the U.S. court system with an estimated 730,000 claims in addition to those claims already paid; and

Whereas, long delays in adjudicating these cases have resulted in seriously ill victims of asbestos diseases dying before they could receive fair compensation; and

Whereas, the nature of our tort system has often resulted in healthy individuals receiving substantial payments while desperately ill asbestos victims or their families have received a small fraction of the compensation to which they were entitled; and

Whereas, fifty-seven percent of the eighty-six billion dollars awarded to asbestos claimants has gone to legal fees and transaction costs; and

Whereas, the tort bar has been seeking out new defendants so aggressively that companies that never produced asbestos or even used it in a meaningful way are now the targets of lawsuits; and

Whereas, many of these companies and their insurance carriers have been forced to settle and make unwarranted payments rather than face the cost of defending themselves against the large class action suits that have proliferated over the last ten years; and

Whereas, seventy-five companies have been driven into bankruptcy by asbestos litigation, eliminating 60,000 jobs; and

Whereas, the economic burden of asbestos litigation has weighed down the stock market and has had a devastating effect on the 401-K plans of retirees and employees of defendant companies; and

Whereas, 2,000 people a year are dying from an especially virulent form of cancer caused exclusively by asbestos exposure, often without the benefit of fair compensation; and

Whereas, currently American veterans who were exposed to asbestos while serving their country prior to 1970 are sharply limited in their ability to seek compensation, even though they are seriously ill today; and

Whereas, the Supreme Court of the United States has twice advised that the asbestos litigation disaster cannot be handled by the courts and is a problem that must be solved by Congress; and

Whereas, the establishment of a national trust would provide swift, fair compensation and would ensure that claimants are genuine asbestos victims by imposing strict medical criteria; and

Whereas, such a trust fund would allow victims to apply directly to the trust fund for aid without the need of an attorney and would cap fees of attorneys that are utilized by claimants at five percent of their compensation; and

Whereas, the proposed trust fund under consideration in Congress would be funded by corporations and insurance companies and therefore cause essentially no expense to taxpayers; and

Whereas, the trust fund proposal has the full and active support of major veteran, business and consumer groups; and

Whereas, the sense of justice of average Americans is outraged at the way justice and real asbestos victims have been abused by the legal system. Now, therefore,

Be it resolved by the Senate, the House of Representatives concurring:

That the South Carolina General Assembly urges all members of the South Carolina Congressional delegation to support the trust fund enabling legislation.

Be it further resolved that the trust fund legislation should remove asbestos claims entirely from the courts and direct all asbestos claims to the trust fund.

This web page was last updated on Friday, December 4, 2009 at 3:32 P.M.