Insurers end support for federal asbestos fund

Insurers end support for federal asbestos fund

[JURIST] Over a dozen insurance companies, including AIG [official site] and Chubb Corp. [official site], have pulled their support for establishing a $140 billion federal trust fund to pay claims arising from asbestos-related lawsuits. The move makes it unlikely that Congress will approve legislation on the issue this year, which will leave hundreds of US companies in an uncertain position as to their liability. The insurers argued in a letter to Senator Arlen Specter [official site] on Monday that the fund would be too large and would not adequately limit their liability. Reuters has more.