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DeMint Opposes Budget-Busting Asbestos Trust Fund
Today, U.S. Senator Jim DeMint voted to sustain a budget point of order against S. 852, the Fairness in Asbestos Injury Resolution or “FAIR Act.” The legislation would establish a $140 billion trust fund financed by defendant companies and their insurers. The motion to overcome the budget point of order, which required 60 votes, was defeated on a 41 to 58 vote.
“This bill fails to solve the real problem which is our out of control junk lawsuit system, and simply trades one flawed system for another,” said Senator DeMint. “We have a serious problem with asbestos litigation that has already forced seventy American companies into bankruptcy and cost over sixty thousand Americans their jobs. But creating a multi-billion dollar government entitlement program that punishes taxpayers and rewards trial lawyers is not the answer.”
The cost of the FAIR Act trust fund will likely far exceed the $140 billion provided and quickly become insolvent. The Congressional Budget Office (CBO) estimated that “there is a significant likelihood that the fund’s revenues would fall short of the amount needed to pay valid claims, debt service, and administrative costs.” In addition, a recent study by the Bates White economic consulting firm estimated the fund’s total liabilities would range from $300 billion to $695 billion – and go bankrupt within three years.
The FAIR Act would also place an unfairly large burden on smaller and medium sized companies. In some cases, these companies would be forced to pay in more to the fund than their annual earnings. Rather than stopping asbestos-related bankruptcies, the legislation would actually encourage them.
Victims of asbestos exposure also question the bill, citing concerns that real victims will not receive the compensation they deserve. They believe the FAIR Act will take away the legal rights of victims by removing their claims from the court system, forcing them to apply to the trust fund for compensation. Read more at demint.senate.gov.
Superior Courts In Washington State
The superior courts in Washington State are the court of general jurisdiction. These courts have exclusive jurisdiction for felony matters, real pr... Read more >
Definition:
1) A written and sealed obligation, esp. one requiring payment of a stipulated amount of money on or before a given day. 2) A sum of money paid as bail or surety.
Lack of jurisdiction
Definition:
The phrase may mean lack of power to act in a particular manner or to give certain kinds of relief. It may consist of a court's total lack of power to act at all, or lack of power to act in particular cases because the parties have not complied with conditions essential to the exercise of jurisdiction.
Accusatory Instrument
Definition:
A written accusation filed with the court charging the defendant with one or more offenses.
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