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Planet Ark : Democrats Warn of US Asbestos Fund Shortfall
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Democrats Warn of US Asbestos Fund Shortfall
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USA: February 9, 2006
WASHINGTON - A US Senate bill to create an industry-financed $140 billion asbestos compensation fund faced new obstacles Wednesday after some Democrats said the fund would run out of money and need a federal bailout to pay injury claims.
The fund is intended to end years of litigation over asbestos injuries that has pushed into bankruptcy some 70 US companies, including WR Grace and Co and USG Corp Companies and their insurers would pay for the fund in exchange for an end to asbestos lawsuits.
Asbestos fibers were widely used for their insulating and fire-retardant capabilities until scientists found they were linked to lung-scarring diseases and cancer.
The contentious bill sponsored by Pennsylvania Republican Sen.
Arlen Specter and Vermont...
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