U.S. Bankruptcy Court Approves $500 Million St Paul Travelers Asbestos-Related Settlement
National News • August 18, 2004
The U.S. Bankruptcy Court for the Southern District of New York has issued an order granting approval of a $500 million settlement of almost all Johns Manville Corp. asbestos-related suits pending ...
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Subject: RE: Asbestos Settlement
Posted On: August 19, 2004, 4:35 pm CDT
Posted By: Matt
Comment:
Kevin:
You keep harping on this point about the plaintiffs getting a pittance - that is not accurate. First off how do you know the manner in which this money is being distributed - maybe it is being distributed by severity of illness? Also this settlement money is in ADDITION TO the money the plaintiffs received in the original settlements negotiated by the Bankruptcy court back in the 80's. If the lawyers did not try to attack this new angle (the first time this type of lawsuit has ever been filed against an insurance company)then the plaintiffs would not have gotten any additional money and it would not have cost them anything.
I agree that this type of specific lawsuit is ridiculous because an insurance carrier should NOT be directly responsible (above the insurance policy obligations) for the known misdeeds of the insureds. BUT how can you criticize the Trial Lawyers when companies like Johns Manville, Combustion Engineering, Grace and Brown Root knowningly break safety regulations endangering their employees and the public and they escape by filing for bankruptcy! One would have to be an immoral, of low character and unprinicipled individual if one thinks that this country should let these businesses get away with MURDER literally by filing for bankruptcy.
How you blame the Trial Lawyers when there has been documented evidence as to the hazardous nature of asbesots as far back as 1920 (known by the federal government and insurers who would not issue Life policies to workers in industries that had asbestos products)? How is it that this case is settled and part of the settlement puts the burden of public notification on the hazardous nature of a product on the insurance companies? What happened to the EPA, OSHA and US Consumer Products Safety Commission? It is very republican of you to think that we have established government agencies whose express duties are to make sure the public is safeguarded against such things as asbestos but they are not responsible for notifying or enforcing government standards? Is this your republican idea of smaller Federal governemnt?
Just wait for all the lawsuits from the parents of small children poisoned by arsenic that is found in a compound used to treat lumber that is used to construct playground equipment and backyard swings and slides. The EPA has issued notifications about the toxicity years ago but the manufacturers are still allowed to use the compound and sell this equipment to the public STILL TODAY! Not until the Trial Lawyers get enough plaintiffs together to sue these manufacturers will the compound be discontinued because they will probably file for bankruptcy protection while they sell off their assets and retire and leave the plaintiffs to deal with the bankruptcy court and the insurers in a settlement! Hows that for justice. By the way I hope you don't have small children or nieces or nephews, or grandchildren that are poisoned by such playground equipment because then by your standards no one would be punished because you wouldn't morally allow them to be part of class action lawsuit to get the manufacturers to pay for their neglience - RIGHT?
Subject: RE: Asbestos Settlement
You keep harping on this point about the plaintiffs getting a pittance - that is not accurate. First off how do you know the manner in which this money is being distributed - maybe it is being distributed by severity of illness? Also this settlement money is in ADDITION TO the money the plaintiffs received in the original settlements negotiated by the Bankruptcy court back in the 80's. If the lawyers did not try to attack this new angle (the first time this type of lawsuit has ever been filed against an insurance company)then the plaintiffs would not have gotten any additional money and it would not have cost them anything.
I agree that this type of specific lawsuit is ridiculous because an insurance carrier should NOT be directly responsible (above the insurance policy obligations) for the known misdeeds of the insureds. BUT how can you criticize the Trial Lawyers when companies like Johns Manville, Combustion Engineering, Grace and Brown Root knowningly break safety regulations endangering their employees and the public and they escape by filing for bankruptcy! One would have to be an immoral, of low character and unprinicipled individual if one thinks that this country should let these businesses get away with MURDER literally by filing for bankruptcy.
How you blame the Trial Lawyers when there has been documented evidence as to the hazardous nature of asbesots as far back as 1920 (known by the federal government and insurers who would not issue Life policies to workers in industries that had asbestos products)? How is it that this case is settled and part of the settlement puts the burden of public notification on the hazardous nature of a product on the insurance companies? What happened to the EPA, OSHA and US Consumer Products Safety Commission? It is very republican of you to think that we have established government agencies whose express duties are to make sure the public is safeguarded against such things as asbestos but they are not responsible for notifying or enforcing government standards? Is this your republican idea of smaller Federal governemnt?
Just wait for all the lawsuits from the parents of small children poisoned by arsenic that is found in a compound used to treat lumber that is used to construct playground equipment and backyard swings and slides. The EPA has issued notifications about the toxicity years ago but the manufacturers are still allowed to use the compound and sell this equipment to the public STILL TODAY! Not until the Trial Lawyers get enough plaintiffs together to sue these manufacturers will the compound be discontinued because they will probably file for bankruptcy protection while they sell off their assets and retire and leave the plaintiffs to deal with the bankruptcy court and the insurers in a settlement! Hows that for justice. By the way I hope you don't have small children or nieces or nephews, or grandchildren that are poisoned by such playground equipment because then by your standards no one would be punished because you wouldn't morally allow them to be part of class action lawsuit to get the manufacturers to pay for their neglience - RIGHT?