The Council for Citizens Against Government Waste (CCAGW) on Thursday encouraged Congress to pass S. 852, the Fairness in Asbestos Injury Resolution Act (FAIR Act).
The legislation would create a trust fund to reimburse actual victims of asbestos exposure and thereby limiting the actions of trial lawyers.
CCAGW President Tom Schatz says, "The asbestos situation is a debacle viewed by trial lawyers a never ending revenue stream. Millions of dollars are annually wasted on fraudulent suits, causing job loss and burdening taxpayers."
Currently over 730,000 people have brought forth asbestos related legal claims, with nearly 300,000 claims currently pending in court.
Legal analysts and medical studies have shown that up to 90 percent of these claims were filed by individuals who have no physical impairment. Corporations and their insurers would fund the trust fund established by the FAIR Act; no taxpayer or government funds would be involved.
CCAGW believes because the court system is flooded with asbestos lawsuits, some victims are dying of their asbestos-related health problems before they are compensated and when they are compensated, lawyers may claim up to half of their judgment.
