Incoming Senate Judiciary Chairman Arlen Specter , R-PA, announced Wednesday that he is backing a proposed $140 billion fund to compensate asbestos victims and cap the damages liability of the companies targeted in asbestos lawsuits. Labor interests claim the fund is about $9 billion short of the amount needed to adequately compensate victims, but Specter [...]

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Democrats on the Senate Judiciary Committee have forced a one-week postponement pf the vote on Alberto Gonzales' nomination as attorney general because Gonzales hasn't answered all of the committee's questions. Gonzales submitted written answers to committee questions yesterday, but those answers have been criticized as evasive. Senator Patrick Leahy responded to Gonzales' submissions by saying [...]

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Leading Wednesday's corporations and securities law news, potential jurors for the trial of former WorldCom Inc. chief Bernard Ebbers were questioned today about any financial ties to the company and their knowledge of the case. Ebbers faces charges of conspiracy, fraud and making false filings to the SEC over the $11 billion accounting fraud at [...]

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