[JURIST] Echoing comments made last week by President Bush [JURIST report], Senate Judiciary Committee Chairman Senator Arlen Specter [official website; R-PA] urged Congress Tuesday to put limits on asbestos liability lawsuits. Specter said asbestos lawsuits are causing companies to go bankrupt, leaving victims with little or no compensation. Proposed reforms include a multi-billion dollar compensation fund in exchange for a bar on individual asbestos litigation. The issue of asbestos lawsuits is sharply divided between labor and business. Specter stated that he plans to have a proposal ready to send to the Senate on Friday. Read the text of the proposed Fairness in Asbestos Injury Resolution (FAIR) Act of 2004. JURIST's Monitor provides recorded video of Tuesday's Senate Judiciary Committee hearing on the legislation. AP has more.