The Senate Judiciary Committee has passed bill that would end all new asbestos lawsuits. The bill proposes settling all future asbestos cases out of court through a business-financed $140 billion trust fund.

Although the bill faces a rocky road ahead, and many changes are expected, it is the first real stab at getting the bill going in a few years.

Supporters of the trust fund say it is the only reasonable way to end a tidal wave of asbestos lawsuits that has thrown more than 70 companies into bankruptcy. The fund, financed by manufacturers and insurers, would allow asbestos victims to receive compensation without going to court.

Critics of the bill liken it to a tax increase. Former House Majority Leader Dick Armey, head of FreedomWorks, a conservative lobby advocating lower taxes, has said that a trust fund amounts to a huge tax on businesses that would offer $7 billion more to trial lawyers.

The proposal could have major repercussions for thousands of former shipyard workers in Hampton Roads who now suffer from exposure to asbestos -- a fibrous mineral once commonly used for ship insulation and fireproofing. Asbestos lawsuits are something of a cottage industry in the region, but are often settled out of court.

Copyright © 2005, Daily Press