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Asbestos Fund Opponents Urge New Way to End Suits (Update1) Feb.
15 (Bloomberg) - U.S.
senators who voted to scuttle a
proposed $140 billion fund for victims of asbestos exposure are
calling for a different approach to curb lawsuits that have
bankrupted almost 80 companies.
As soon as the Senate shelved the fund plan yesterday on a
procedural vote, opponents proposed an alternative: requiring
victims to document their medical condition before suing for
damages.
Shares of companies driven into bankruptcy court by
asbestos suits fell today.
``We have a broken legal system that needs to be fixed,''
said Senator John Ensign, a Nevada Republican.
The new approach
would ``get rid of all the phony claims'' and benefit actual
victims, he said.
Four states - Florida, Texas, Georgia and Ohio - have laws
that require victims to sh...
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