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Bates White releases report on asbestos litigation
reform legislation
WASHINGTON, D.C., September 19, 2005—Today, Bates White
announced that it has completed a study of The Fairness in Asbestos
Injury Resolution (FAIR) Act of 2005, and found that there is
a substantial financial shortfall with the proposed legislation.
Dr. Charles E. Bates, president and senior partner, is releasing
this report today at Mealey’s National Asbestos Litigation
Conference to be held in Philadelphia, Pa. September 19–20,
2005.
Bates White’s study found that the FAIR Act, which will
remove claims from the court system and establish a $140 billion
asbestos trust fund, financed by defendants and insurers, creates
entitlements to pending and future claimants that substantially
exceed the $140 billion in receipts specified in the FAIR Act.
This means the fund would be bankrupt and forced to sunset a few
years after its enactment. Dr. Bates will explain the financial
shortfall—resulting primarily from entitlements created
for many individuals with lung and other cancers who were not
compensated in the historical tort environment. He will also speak
about the other major contributing factor to the fund’s
financial shortfall involving dormant claimants who have settled
with most, but not all defendants, and would be able to recoup
additional recoveries.
At the conference, Dr. Bates will participate in a panel session
on the "Legal & Financial Aspects of Proposed Federal
Asbestos Legislation" and will serve as the panel’s
economic expert. He will be joined by three other individuals
with expertise in asbestos-related matters: Patrick Hanlon, partner
with the law firm Goodwin Proctor, David Austern, president of
the Claims Resolution Management Center, and Sarah Fox, of counsel
for Bredhoff & Kaiser and a representative with the AFL-CIO.
The moderators will be the two conference chairs who both have
substantial trial experience with asbestos product liability:
Edward McCambridge, a partner with Segal McCambridge Singer &
Mahoney and Joseph Rice, managing partner of Motley Rice.
Individuals unable
to attend the conference may download the report by clicking here.
Click
here to learn more about the conference.
About Bates White
Bates White is a national economic consulting firm of more than 150 professionals.
Established in 1999, Bates White offers consulting services in economics,
finance,
and business analytics. Bates White has offices in Washington, D.C., and San
Diego, Calif.
www.bateswhite.com
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