CHESTER STREET SCANDAL - ROBBING THE VICTIMS
1.Thousands of asbestos sufferers, many of them dying from their illnesses,
could lose out on NINETY-FIVE PERCENT of their compensation after the
collapse of Chester Street Insurance Holdings Ltd.
2.The company called in the provisional liquidators Pricewaterhouse
Coopers in January of this year. They claim that they cannot meet the
rising number of claims from asbestos victims who are suing former employers
who were insured by the company.
3.The company sold their main profitable asset Iron Trades Insurance
ensuring that they had no profits to pay out successful asbestos claimants.
4.The company was sold for £175 million, which is £50 million less than
the market value. The buyers, an Australian company QBE Ltd. held back
£27 million of the purchase price.
5.This means that Chester Street received £77 million less than their
own valuation of the companyÕs assets. What was the role of the regulatory
authority in all of this?
6.Chester Street paid a £440,000 bonus to chief executive Robert Hardy
months before it collapsed. His wages went from £70,000 in 1998 to £668,000
the following year. Why?
7.Chester Street is publicly acknowledging £200 million of assets. According
to analysis carried out by the Trades Union Congress (TUC) this sum would
be enough to pay out up to 2,500 Mesothelioma victims. At this rate a
maximum of four years worth of claims will exhaust the reserves.
8.Asbestos sufferers or their bereaved relatives should not have to
go through the stress of court action only to be told that the amount
of damages they will be paid FIVE PER CENT of their legal entitlement.
9.This is a discredit to the insurance industry, which can be compared
with the worst excesses of the Maxwell scandal.
10.It is estimated that 5,000 Scottish shipyard workers will die of
asbestos-related illness in the next 10 years because of their previous
exposure to asbestos at work. If the Chester Street scandal is allowed
to continue unchallenged thousands of asbestos victims will be denied
11.We demand that Government undertake a full public inquiry into the
events within this insurance company in the pre-liquidation period.
12.We demand that the whole value of all successful claims be met in
full. Justice delayed is justice denied.
CLYDEBANK ASBESTOS GROUP
Make your way to Clydebank
Chester Street Financial Scandal
We Demand a Full Public Inquiry
Government Intervention Now
100% Compensation For Asbestos Victims
Justice Delayed Is Justice Denied
Examine the Chester Street Insurance Holdings Robbery
BILL SPEIRS (General Secretary STUC)
MRS JOAN BAIRD (Clydebank Asbestos Group)
JIMMY REID (Former Shop Stewards Convener UCS)
ANDY WHITE (Leader West-Dunbartonshire Council)
DES McNULTY MSP (Clydebank & Milngavie)
LLOYD QUINAN MSP (Scottish National Party)
TOMMY SHERIDAN MSP (Scottish Socialist Party)
FRANK MAGUIRE (Solicitor/Advocate)
TONY WORTHINGTON MP (Clydebank & Milngavie)
31 MARCH 2001
CLYDEBANK TOWN HALL
Assemble 10.30am Queens Square, Clydebank
Short march to venue
Further details Tel: 0141 951 1008
4/16/05: Spectre to Introduce
U.S. Asbestos Bill This Week
5/22/05: Individuals Injured
by Asbestos Exposure Oppose Specter's Trust Fund Legislation
10/16/05: Victim's Organizations
Form Asbestos Victims Coalition in Opposition to Asbestos Trust
11/17/05: White Lung Mourns Jose
12/18/05: Frist Introducing Asbestos
Bill in January
12/04/06: Asbestos Watch Newsletter:
Help Celebrate the 27th Anniversary of the WHITE LUNG ASSOCIATION
Asbestos Victim's Superfund
Asbestos Watch March 14, 2005 (Maryland
chapter of the White Lung Association meetings)
Directorate of Safety, Health,
and Environment (open letter)
Joe Oliver's Alerts:
Joe Oliver, National Board Member and former President of the
White Lung Association, has issued a call to all persons to help
gather evidence on the conspiracy by asbestos trade organizations
to suppress the knowledge about the hazards of asbestos exposure.
If you know anything about this horrific history or have documents
which can be used to further prove their heinous crimes, please
contact Joe Oliver, WLA, POB 1483, Balt. MD 21203.
The White Lung Association stands
in opposition to The Specter Bill (S.852)
S.1115: Bill to amend the Toxic Substances
Control Act to reduce the health risks posed by asbestos-containing
products - This bill is supported by the WLA.
Meet Mr. Asbestos
Proceedings of the Asbestos
Symposium for the Asian Countries - now available for purchase.
Senator Specter Breaks Promise to
Mesothelioma Patient and Research Community
Senate Judiciary Committee returns to
Mark-Up on May 11th: Proposed asbestos trust fund legislation
will further penalize victims of asbestos-caused diseases
May 2003, the Global Environment & Technology Foundation developed
the "Asbestos Strategies" report.
The latest issue is Spring 2005
The latest issue is January 4, 2007
December 17, 2000 is Asbestos Hazard Awareness Day
Articles & Publications:
Occupational Respiratory Diseases:
Asbestos Associated Disease -- Reprinted from: Maxcy-Rosenau
Public Health and Preventative Medicine 11th ed. (John
M. Last, Ed.) 1980, Appleton-Century-Crofts
Asbestos Victims Deserve Compensation
Not Betrayal: position release by the Board of Directors, White
Paul Safchuck May
Nicholson Dies at 70
Ray Sentes Brave
Fighter For Asbestos Victims