News of a US Senate proposal to increase the size of a trust fund for victims of asbestos exposure was welcomed by the bond market with a rise in the prices of bonds from asbestos affected companies o…
News of a US Senate proposal to increase the size of a trust fund for victims of asbestos exposure was welcomed by the bond market with a rise in the prices of bonds from asbestos affected companies on 25 June 2004. Owens Corning bonds were among the gainers. After much debate and numerous obstacles, U.S. Senate Minority Leader Thomas Daschle, (Democrat, South Dakota), has proposed boosting to USD 141 billion the size of the trust fund to compensate victims of asbestos exposure. The proposal was sent to the office of the Senate Majority Leader, Republican Bill Frist, on 24 June 2004. The Senate has adjourned until July 6. Daschle“s new proposal is an improvement on the USD 124 billion bill the Republicans recently attempted, but it is lower than another USD 153 billion proposal that was debated in 2003. The USD 124 billion bill would create an asbestos litigation trust fund and move all state claims into a special federal court.