February 8, 2006 |
A painstaking effort to end years of litigation over cancer-causing asbestos survived a procedural hurdle on Tuesday in the Senate, paving the way for a floor debate over a $140-billion plan to compensate victims outside the courtroom. By a vote of 98 to 1, lawmakers agreed to move forward with the plan to create the compensation fund, designed to stem a tide of litigation that dates back to the 1970s and continues to rise. "It's not been easy to get to the point where we are," said Sen.
January 2, 2006 |
Owens Corning filed a new bankruptcy reorganization plan aimed at wiping out the company's estimated $10.2 billion in asbestos liabilities. The plan, filed Saturday in U.S. Bankruptcy Court in Wilmington, Del., offers those claiming injuries from Owens Corning's asbestos-laden products cash and stock in the reorganized company in exchange for their claims. Owens Corning sought Chapter 11 bankruptcy protection in October 2000 after being swamped by asbestos lawsuits.
September 5, 2005 |
Prospects for Senate passage this year of a proposal to compensate asbestos-exposure victims from a $140-billion fund were hurt by a report that the trust may not have enough money to pay all claims, Sen. John Cornyn (R-Texas) said. The Congressional Budget Office said claims to the fund over a 50-year period would range from $120 billion to $150 billion.
CALIFORNIA | LOCAL
August 31, 2005 |
A Seal Beach Leisure World resident who sued the retirement community after losing virtually all her belongings because of a false asbestos alarm has won nearly $30,000 in a court settlement. "I'm glad it is over with," Erika Furlong-Swenson, 65, said Friday, a day after the settlement was reached in Orange County Superior Court. "It's been a long 2 1/2 years." In January 2003, Furlong-Swenson's apartment and a neighbor's sustained smoke damage from a fire in an adjacent unit.
August 20, 2005 |
Federal-Mogul Corp., an auto parts supplier that once made brake pads using asbestos, is subject to an estimated $9 billion in death and injury claims in the U.S. and about $411.3 million in Britain, a U.S. judge decided. In a recently released opinion, U.S. District Judge Joseph H. Rodriguez in Camden, N.J., said he reviewed trial evidence and data from an asbestos personal injury committee in the company's bankruptcy case before making the ruling.
August 11, 2005 |
Asarco, the U.S. copper-mining unit of Grupo Mexico, has filed for bankruptcy protection after a five-week strike halved copper production and as asbestos claims approached $1 billion. Liabilities exceed assets by $400 million, Asarco Chief Executive Daniel Tellechea said. The Tucson-based copper producer filed for Chapter 11 reorganization Tuesday in U.S. Bankruptcy Court for the Southern District of Texas in Corpus Christi.
CALIFORNIA | LOCAL
July 17, 2005 |
A new study has found that everyday exposure to naturally occurring asbestos boosts the chances of developing a deadly form of cancer but added that the risks are relatively low. The statewide study by a team of UC Davis researchers is expected to affect the ongoing debate over how to tackle the problem in fast-growing communities in the Sierra foothills where asbestos fibers embedded in the ground are being unearthed by new housing tracts.
July 8, 2005 |
One after another, Japanese companies have come forward for the first time to reveal that hundreds of employees who handled asbestos may have died from exposure, prompting worries of widespread contamination by the powerful carcinogen.
May 27, 2005 |
The Senate took a major step Thursday toward creating a $140-billion trust fund to pay victims of asbestos poisoning when the chamber's Judiciary Committee voted to approve a draft version of the compensation legislation. Asbestos claims have bankrupted more than 70 companies. As a result, hundreds or perhaps thousands of people with asbestos-related illnesses have died without receiving compensation.