USA: Texas bill limiting asbestos liability

As the state of Texas prepared to pass a tort-reform law to cap company liability, shares of firms affected by asbestos claims rose on the stock market. Among the gainers was glass container manufactu…

As the state of Texas prepared to pass a tort-reform law to cap company liability, shares of firms affected by asbestos claims rose on the stock market. Among the gainers was glass container manufacturer Owens-Illinois Inc. which saw its shares go up USD 0.04 to USD 11.55 on the NYSE. The legislation, dubbed the lawsuit limitation bill, was expected to be officially signed into law 13 June 2003 by State Governor Richard Perry. The Texas law includes a provision that seeks to limit the asbestos-related liabilities of companies that incurred the liabilities through mergers with companies that were already involved with asbestos.