Cape aims to cap asbestos liabilities
Cape aims to cap asbestos liabilities
Asbestos campaigners have warned UK multinational Cape plc not to railroad through a proposed asbestos fund to cap its asbestos disease liabilities. The English Asbestos Victims Support Groups’ Forum says the proposed fund, which will be overseen by a Cape subsidiary, would receive £40 million to compensate Cape’s UK asbestos victims for about the next 12 years. Under the proposal, the amount in the fund would be reviewed on a three-yearly basis and topped up only if Cape has sufficient funds. The scheme, which would need to be approved by the courts, would protect Cape from asbestos litigation within the UK and remove the threat of insolvency should asbestos claims increase dramatically. Tony Whitston, spokesperson for the Forum, said the group was not convinced by supposed safeguards on the fund, and said he 'believes that the scheme as currently proposed is unacceptable to Cape’s asbestos victims.' He added: 'If claims were to increase, there is no guarantee that Cape will top up the fund and asbestos victims would be left high and dry.' Many mesothelioma settlements are in six figures, and at least two have broken the £1m mark, the largest being £4.37m in 2003 (Risks 96). He said that all previous schemes to cap companies’ asbestos disease liabilities have disadvantaged asbestos victims. 'Much more will be needed to be done by Cape to reassure Cape’s asbestos victims that this scheme is any different,' he said.
Stay Updated
Want to hear about our latest news and blogs?
Sign up now to get it straight to your inbox