The ongoing effort to resolve globally the problem of overwhelming mass-tort liability continues this year through legislation. A Senate bill to create a trust administered by the Department of Labor, funded by industry and insurance contributions, was voted down in April.
Resolving Mass Torts with Bankruptcy Funds
The ongoing effort to resolve globally the problem of overwhelming mass-tort liability continues this year through legislation. A Senate bill to create a trust administered by the Department of Labor, funded by industry and insurance contributions, was voted down in April. Whether this proposed resolution ultimately fares better than those preceding it remains to be seen. In the meantime, however, the Rand Institute for Civil Justice reports that by the end of 2002, at least 56 companies had turned to bankruptcy to find the resolution and finality they needed to get back to their business. Others will undoubtedly follow before any global solution is ultimately reached.
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