urysohn
06-16-2003, 02:22 PM
Let’s solve the asbestos litigation crisis now (http://www.hillnews.com/news/061103/ss_hatch.aspx)
By Sen. Orrin G. Hatch (R-Utah)
There is an asbestos litigation crisis in this country; there can be no doubt of that. Hundreds of thousands of victims of asbestos exposure currently get pennies on the dollar in compensation. Jobs and pensions are in serious jeopardy as more and more companies continue to file for bankruptcy as a result of forum-shopped lawsuits resulting in outrageous verdicts for people who are exposed to asbestos, but are not sick.
To solve this problem, we will all have to dig deep, face the realities of the alternatives and work together in a bipartisan manner to come up with the best solution possible. Our solution must be fair to the claimants and recognize the limitations of our economy. I firmly believe that S. 1125, the bipartisan Fairness in Asbestos Injury Resolution (FAIR) Act of 2003, is a step in the right direction.
Support across the country for the FAIR Act has been overwhelming. Many recognize that it may not be the perfect solution, but it is close to being one of the best workable solutions. It establishes a system to pay victims faster, ensures that it is the truly sick getting paid and provides the business community with the stability it needs to protect jobs and pensions.
I continue to be open to constructive suggestions because I recognize that this bi-partisan legislation is not without flaws, and we have sought expert advice on how best to improve it. I have heard many suggestions from outside affected parties and from my colleagues. That has been very positive, and I think the legislative process is working and working well. We will look to address as many concerns as possible.
However, there are special interest groups that benefit handsomely from the current broken system and have every incentive to stop our efforts on behalf of victims. I hope their efforts will not succeed and we can do what is best for the country. We need to recognize where we will be if we don’t get this done. I want to help those who are sick — and this group includes many union members — who are either being shortchanged in the tort system due to the flood of claims and dwindling resources or those who may receive nothing at all, as well as members whose jobs and pensions have suffered as a result of the skyrocketing bankruptcies.
I hope that this third hearing we just held on this issue will be fruitful and the fact that we have a bill to work from will encourage the interested parties to work with us to support a workable solution that will benefit the common good. We need to ensure that the truly sick get compensated first and foremost. But we can do that without bankrupting companies, so that jobs and pensions will not suffer needlessly.
Hatch is chairman of the Senate Judiciary Committee and is the author of S. 1125, the Fairness in Asbestos Injury Resolution Act of 2003 (FAIR Act).
By Sen. Orrin G. Hatch (R-Utah)
There is an asbestos litigation crisis in this country; there can be no doubt of that. Hundreds of thousands of victims of asbestos exposure currently get pennies on the dollar in compensation. Jobs and pensions are in serious jeopardy as more and more companies continue to file for bankruptcy as a result of forum-shopped lawsuits resulting in outrageous verdicts for people who are exposed to asbestos, but are not sick.
To solve this problem, we will all have to dig deep, face the realities of the alternatives and work together in a bipartisan manner to come up with the best solution possible. Our solution must be fair to the claimants and recognize the limitations of our economy. I firmly believe that S. 1125, the bipartisan Fairness in Asbestos Injury Resolution (FAIR) Act of 2003, is a step in the right direction.
Support across the country for the FAIR Act has been overwhelming. Many recognize that it may not be the perfect solution, but it is close to being one of the best workable solutions. It establishes a system to pay victims faster, ensures that it is the truly sick getting paid and provides the business community with the stability it needs to protect jobs and pensions.
I continue to be open to constructive suggestions because I recognize that this bi-partisan legislation is not without flaws, and we have sought expert advice on how best to improve it. I have heard many suggestions from outside affected parties and from my colleagues. That has been very positive, and I think the legislative process is working and working well. We will look to address as many concerns as possible.
However, there are special interest groups that benefit handsomely from the current broken system and have every incentive to stop our efforts on behalf of victims. I hope their efforts will not succeed and we can do what is best for the country. We need to recognize where we will be if we don’t get this done. I want to help those who are sick — and this group includes many union members — who are either being shortchanged in the tort system due to the flood of claims and dwindling resources or those who may receive nothing at all, as well as members whose jobs and pensions have suffered as a result of the skyrocketing bankruptcies.
I hope that this third hearing we just held on this issue will be fruitful and the fact that we have a bill to work from will encourage the interested parties to work with us to support a workable solution that will benefit the common good. We need to ensure that the truly sick get compensated first and foremost. But we can do that without bankrupting companies, so that jobs and pensions will not suffer needlessly.
Hatch is chairman of the Senate Judiciary Committee and is the author of S. 1125, the Fairness in Asbestos Injury Resolution Act of 2003 (FAIR Act).