Asbestos fund may fail to meet obligations
The James Hardie asbestos compensation fund is reportedly running out of money.
Australia - (Mesothelioma Cancer News) – The James Hardie asbestos compensation fund is reportedly running out of funds. As reported by The Age, many are fearing that the fund will fail to meet its obligations to victims due to insufficient funds.
As noted in the report, previous reports that the fund had only $140 million remaining, when it is supposed to pay out more than $100 million annually to victims, has some afraid that payments will be deferred or given in installments.
Gippsland Asbestos Related Diseases Support Inc (GARDS) secretary Vicki Hamilton is quoted by The Age as stating of a possible solution to the problem, “One solution could be the Commonwealth lending the compensation fund this money short term, until … Hardies can again top the fund up… The problem is James Hardie’s responsibility and they should fix it. However, I would also call on state and federal governments not to allow this uncertainty to drag on. Victims deserve better.”
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