|Asbestos Trust Fund|
Asbestos Trust Fund - If you or someone you know has recently been diagnoses with mesothelioma or another asbestos related disease, then you may be curious to know about the Asbestos Trust Fund. Exactly what is this so-called trust fund, and what does it mean for those who are suffering from asbestos related afflictions?
Well, as the name implies, the Asbestos Trust Fund has everything to do with money. As you may know, liability claims regarding asbestos are fairly common. There are many, many lawsuits relating to asbestos every year, and this has resulted in literally dozens upon dozens of companies going bankrupt trying to pay these damages. The ultimate purpose of the Asbestos Trust Fund is to provide a way for those whose lives have been affected by asbestos exposure to be compensated without bankrupting companies.
Effectively, the Asbestos Trust fund would put a dead stop to asbestos litigation. People would no longer be able to take companies or other institutions to court and try to win damages due to cancer or other illnesses caused by asbestos. Instead, the person would receive compensation from a proposed $140 trust fund that is dedicated solely to asbestos victims.
While the Asbestos Trust Fund probably sounds like a good idea in theory, it has faced heavy criticism since it was first proposed in 2005. Congress is still working out the details of the proposed bill, but many have pointed out some flaws in the system. According to one notable doctor, the Asbestos Trust Fund would actually exclude a lot of people who have legitimate asbestos-related claims. Since the fund is financed by an additional tax on businesses, there’s also a concern that such a huge amount of money would lead to too painful of a tax for smaller businesses. Some other medical and labor-related groups have also voiced concerns about the flaws of this plan.
However, it is believed that without the Asbestos Trust Fund, the constant lawsuits will continue and a lot more business will be out of business. The truth is that a lot of asbestos claims are without real grounds, which is what has led to the current crisis. Critics of the Asbestos Trust Fund have suggested some alternatives, such as requiring those making asbestos claims to meet very specific medical criteria. The future of the Asbestos Trust Fund is still very much up in the air, but the effects of this program for asbestos victims could be huge.