A proposed $108bn (£66bn) US asbestos trust fund could be ditched after the Senate came under pressure to block the plan last night.
The Senate has come under renewed pressure from US insurers to scrap plans for an asbestos trust fund. According to reports, William First, the majority leader of the Senate, is considering not scheduling the legislation for action.
The trust is intended to stop a flood of asbestos-related lawsuits that studies say could end up costing more than $200bn (£122bn).
President of the American Insurance Association (AIA), Robert Vagley, said the $52bn (£36bn) insurers would be asked to provide as core funding would be "unsustainable".
Last month leading plaintiff lawyers raised concerns that the trust may threaten existing settlements. They also claimed that settlements could become incorporated into the trust.
Peter Kraus, a lawyer who represents cancer victims in the Halliburton case said: "Hatch's trust will deep-six all settlements that are not full and binding. Companies like Halliburton are banking on the trust because it would lower their overall dollar contribution regardless of what they are now saying."
