Common Interest Group Calls on Congress to Amend Asbestos Legislation

By Carol Kennedy

Published on December 06, 2005

A coalition group known as the Common Interest Group has launched a campaign to get Congress to amend S.852 asbestos legislation.

The S.852 legislation gives asbestos settlement trusts the opportunity to opt out of the legislation's proposed national fund for workers exposed to asbestos. Congress previously approved legislation under section 524(g); however, under the proposed S.852 legislation, the trusts under 524(g) would transfer their assets to a national fund and, subsequently, those trusts would be closed. This would mean that beneficiaries of the previously approved legislation would essentially lose their court-approved settlements.

Under the proposed S.852 legislation, some beneficiaries currently receiving compensation would receive no benefits at all and others would receive significantly less.

Formed in 2005, The Common Interest Group's goal is to protect its member-trusts ability to compensate beneficiaries in accordance with court-approved reorganization plans.

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