There is no argument that asbestos has been a monetary gold mine for the plaintiffs' bar across the United States, particularly in certain geographic areas, for the past 20-plus years. The first asbestos lawsuit was filed in Beaumont, Texas, in 1966, and to date judgments have been delivered exceeding $70 billion.
However, this particular gold mine may finally be tapping out. The number of plaintiffs is falling off, and the number of new cases being filed nationwide is starting to dwindle. The count of possible defendants has been substantially reduced by bankruptcy caused by asbestos litigation.
Now the plaintiffs' bar is looking for a "new" litigation hot-button issue. At one time it was thought that silica would be that new issue, but recent court rulings–particularly in Texas–indicating that asbestos and silica are basically the same have been major setbacks for the plaintiffs' bar.
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