President Bush intends to push asbestos litigation reform, claiming that asbestos lawsuits clog the courts and hinder economic growth. He is urging congress to change the method that people are compensated for disease supposedly caused by asbestos. He is expected to ask congress to speed up the compensation process and to find ways to protect third parties, companies that have nothing to do with asbestos ilness, from lawsuits.
The administration claims that 74 companies have been forced into bankrubtcy because of asbestos related litigation that has cost more than 70 billion dollars, most of which has gone to trial lawyers and processing fees. Mostly affected are the employees of these companies who have seen their pension accounts shrink by 25 percent and the loss of countless jobs.
Asbestos, used in insulation and fireproofing material until the mid-1970s, has tiny fibers that can cause cancer and other ailments when inhaled. Carl Carlton, spokesman for the trial lawyers, claims that danger was commonly known and that the companies should have known better. If this were so well known the employees and their unions were also aware, but took a calculated risk when going to work.
Legislation to control the trial lawyers is unlikely because they give 93% of their political donations to the Democratic party. You don't bite the hand that feeds you. The eigure of 93% can be demonstrated on www.opensecrets.org/pacs/topacs.asp.
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