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7 (Bloomberg) - A proposed $140 billion fund to help asbestos-exposure victims and end lawsuits that have bankrupted almost 80 companies cleared its first procedural hurdle in the U.S.

Senate.

Senators voted overwhelmingly to permit debate on the measure, defeating an attempt by Democratic leader Harry Reid of Nevada to block the legislation.

Reid's move to prevent debate proved futile, and he ended up voting against his own motion when it became obvious he would lose.

With the roll call still in progress, there were more than the 60 votes required to permit debate on the measure.

There are still other obstacles to the measure, which would end litigation that has forced companies such as USG Corp., the world's largest wallboard maker, into bankruptcy.

For example, S...

... Bloomberg.com: U.S.

Updated: New York: Feb 07 20:00London: Feb 08 01:00Tokyo: Feb 08 10:00 US AUBZFPGRHKIMJPLNSMIND : Regions Top Worldwide Regions Asia Australia & New Zealand Canada Europe Germany Japan Latin America U.K.

U.S.

Markets Economy/Politics Commentary Sports Culture Bloomberg RSS RESOURCES: Bloomberg TV Bloomberg Radio Markets U.S.

E-Mail This Story Printer-Friendly Format Icahn Proposes Breaking Time Warner Into Four Pieces, $20 Billion Buyback Pfizer May Sell, Spin Off Consumer-Health Unit With Brands Sudafed, Ludens General Motors Cuts Dividend, Executive Pay, Health Benefits for Managers Senate Permits Debate on Fund for Asbestos Victims (Update2) Feb.

7 (Bloomberg) - A proposed $140 billion fund to help asbestos-exposure victims and end lawsuits that have bankrupted almost 80 companies cleared its first procedural hurdle in the U.S.

Senate.

Senators voted 98-1 to permit debate on the measure, overriding a move by Democratic leader Harry Reid of Nevada to block the legislation.

Reid's attempt to prevent debate proved futile, and he ended up voting to allow debate when it became obvious he would lose.

There are still other obstacles to the measure, which would end litigation that has forced companies such as USG Corp., the world's largest wallboard maker, into bankruptcy.

For example, Senate leaders will have to muster 60 votes to defeat a move to kill the bill on grounds it exceeds budget spending caps.

...

... Latest Futures News Forex Wednesday, February 8, 2006 - 01:00 GMT Newsletter Contact QUOTES Futures Quotes Currencies Energy Grains Indices Interest Rates Metals Softs World Indices CHARTS Futures Charts Bond Yields Strategic Currency Charts NEWS Latest Futures News Economic News World Market News FUTURES MARKETS Financials Commodities Currencies Indices Markets Review Economic Indicators Macro Interest Rates Futures Calendars Expert Q&A Sessions Q&A Transcripts EDUCATION Knowledge Workshops Conventions BROKERS Futures Brokers Contact a Broker FOREX DIRECTORY LATEST FUTURES NEWS Asbestos bill clears early Senate hurdle Wednesday, February 8, 2006 12:07:18 AM http://www.afxpress.com WASHINGTON (AFX) - A bill that would end asbestos-related lawsuits and create a $140-billion trust fund to compensate victims advanced to the Senate floor Tuesday night after clearing an early procedural hurdle.

The Senate voted 98-1 to end debate on a motion to bring up the bill, easily exceeding the needed 60-vote supermajority.

Government studies estimate that a quarter-million Americans have died from asbestos-related illnesses.

Thousands of companies have faced liability lawsuits stemming from asbestos exposure, and dozens have been forced into bankruptcy This story was supplied by MarketWatch.

For further information see www.marketwatch.com For more informati...