Asbestos Victims Fund May Have Trouble Paying Claims
James Hardie Industries NV fund for asbestos victims may not be able to pay future claims.
Mesothelioma Cancer News – The asbestos victims fund of the largest home siding seller in the United States may be negatively impacted by recession spawned financial issues. As reported by Bloomberg, the James Hardie Industries NV fund, which compensates victims of asbestos exposure purportedly may eventually be forced to deliver payouts in installments to victims due to a lack of funding.
Dallas Booth, Asbestos Injuries Compensation Fund Ltd. CEO, is quoted in the report as stating, “Nobody expected the U.S. downturn to be as severe as it has been… We think we’ve got around two years of funding available in the trust.” Booth is further quoted as stating, “The trust fund can only spend the monies that it has available… We are certainly hopeful that with the turn around James Hardie will be in a position to resume payments at a level which will be sufficient.”
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