SB 469 – Asbestos Claim Immunity

SB 469 was passed by the House on a 51 to 45 vote. Essentially, it seems to limit liability on asbestos related claims for “innocent successor corporations.” Liability is limited to the fair market value of gross assets of the corporation that was acquired and gave rise to the claim. If the acquired corporation had liability insurance, the limitation doesn’t apply to the insurance proceeds or the obligations of the insurer.