Selecting an attorney for legal cases is a very important decision. Please enter your information below to receive a Free Consultation from an attorney in your area:
Trial News
DeMint Opposes Budget-Busting Asbestos Trust Fund
Today, U.S. Senator Jim DeMint voted to sustain a budget point of order against S. 852, the Fairness in Asbestos Injury Resolution or “FAIR Act.” The legislation would establish a $140 billion trust fund financed by defendant companies and their insurers. The motion to overcome the budget point of order, which required 60 votes, was defeated on a 41 to 58 vote.
“This bill fails to solve the real problem which is our out of control junk lawsuit system, and simply trades one flawed system for another,” said Senator DeMint. “We have a serious problem with asbestos litigation that has already forced seventy American companies into bankruptcy and cost over sixty thousand Americans their jobs. But creating a multi-billion dollar government entitlement program that punishes taxpayers and rewards trial lawyers is not the answer.”
The cost of the FAIR Act trust fund will likely far exceed the $140 billion provided and quickly become insolvent. The Congressional Budget Office (CBO) estimated that “there is a significant likelihood that the fund’s revenues would fall short of the amount needed to pay valid claims, debt service, and administrative costs.” In addition, a recent study by the Bates White economic consulting firm estimated the fund’s total liabilities would range from $300 billion to $695 billion – and go bankrupt within three years.
The FAIR Act would also place an unfairly large burden on smaller and medium sized companies. In some cases, these companies would be forced to pay in more to the fund than their annual earnings. Rather than stopping asbestos-related bankruptcies, the legislation would actually encourage them.
Victims of asbestos exposure also question the bill, citing concerns that real victims will not receive the compensation they deserve. They believe the FAIR Act will take away the legal rights of victims by removing their claims from the court system, forcing them to apply to the trust fund for compensation. Read more at demint.senate.gov.
If you live in the following cities and need an Trial-Lawyer attorney you should contact
our Trial-Lawyer Attorney as soon as possible:
Abbeville
Alexandria
Baker
Bastrop
Baton Rouge
Bogalusa
Bossier City
Breaux Bridge
Chalmette
Covington
Crowley
Denham Springs
Deridder
Gonzales
Gretna
Hammond
Harvey
Houma
Kenner
La Place
Lafayette
Lake Charles
Leesville
Mandeville
Marrero
Metairie
Monroe
Morgan City
Natchitoches
New Iberia
New Orleans
Opelousas
Pineville
Prairieville
Ruston
Shreveport
Slidell
Sulphur
Thibodaux
Ville Platte
West Monroe
Westwego
Zachary
Legal Disclaimers All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on Trial Attorney New Orleans.com is not intended to be legal advice, but merely conveys
general information related to legal issues commonly encountered. Your access
to and use of this website is subject to additional Terms
and Conditions.
Local Professional? Generate new business today
Call 866-227-9356 or contact a sales rep
Did You Know?