US asbestos companies and insurers have agreed to divide between them the cost of a US$1bn (£68bn) fund to compensate asbestos victims, announced a report.
The fund is aimed at halting the rush of asbestos lawsuits, as it will end victims' right to sue for compensation.
The plan was brokered by the office of US Senate Republican Leader Bill Frist, after insurers and companies argued over who would contribute what to the fund, said the report.
The fund could still face opposition from lawyers and unions who have said the fund is too small.
According to the report, 67 US companies have been driven to bankruptcy by compensation claims from asbestos victims. It is estimated that up to a further 400,000 people are still seeking compensation in the US.
