Georgine v. Amchem Products, Inc.

MEMORANDUM OPINION INCLUDING FINDINGS OF FACT AND CONCLUSIONS OF LAW

LOWELL A. REED, Jr., District Judge.

TABLE OF CONTENTS

INTRODUCTION ........................................................... 254

HISTORY OF THIS LITIGATION.........................................'.. 257

FINDINGS OF FACT....................................................... 261

I. THE CLASS AND THE CLASS REPRESENTATIVES ................. 261

A. The Class......................................................... 261

B. The Representative Plaintiffs........................................ 261

II. BACKGROUND OF THIS CLASS ACTION............................. 262

A. History of the Asbestos Litigation................................... 262

B. Early Background Which Led to the Georgine Negotiations........... 264

*255 III. FAIRNESS OF THE SETTLEMENT .................................. 267

A Introduction....................................................... 267

B. The Negotiations Between CCR and Class Counsel................... 267

C. Eligibility for Compensation........‘................................. 268

(1) Asbestos Exposure Requirements............................... 268

(2) Medical Requirements/Criteria.................................. 269

(a) Overall Fairness of the Medical Criteria.................... 270

(b) The Major Specific Medical Issues ......................... 272

(i) “Pleural” Claims..................................... 272

(ii) Lung Cancer........................................ 273

(e) Subsidiary Medical Issues.................................. 274

(i) Mesothelioma........................................ 274

(ii) Lung Cancer........................................ 275

(iii) Other Cancer........................................ 275

(iv) Non-Malignant Conditions............................ 275

D. Compensation Procedures........................................... 276

(1) Compensation Schedule ........................................ 276

(2) Case Flow Máximums.......................................... 278

(3) Extraordinary Claim Procedure................................. 280

(4) Other Issue................................................... 281

E. Alternative Compensation Procedures................................ 281

F. Releases; Deemed Releases; Contribution and Indemnity Claims...... 282

G. Miscellaneous Provisions............................................ 284

(1) Right to Additional Compensation............................... 284

(2) No Joint and Several Liability Among the Settling Defendants for Unpaid Claims.............................................. 284

(3) Withdrawal Rights............................................. 284

(4) Attorneys’ Fees............................................... 285

(5) Annual Audit.................................................. 285

(6) Operational Date.............................................. 286

H. CCR Defendants’ Ability to Meet The Financial Obligations Required by

The Stipulation.................................................. 286

(1) Overview...................................................... 286

(2) Mr. Laeri’s Initial Involvement in Matters Relating to the Stipulation 286

(3) The CCR Defendants’ Estimated Obligation to Compensate Claims Under the Stipulation........................................ 287

(4) The CCR Defendants’ Estimated Obligation to Compensate Present Claims and Claims Filed Through 1993........................ 287

(5) The CCR Defendants’ Estimated Obligation to Pay Costs Involved in Disposing of All Claims...................................... 288

(6) The CCR Defendants’ Estimated Total Obligation and the Ten-Year Estimates Concerning the Payment of this Obligation.......... 288

(7) The CCR Defendants’ Insurance Coverages...................... 288

(8) The Likelihood That The CCR Defendants Can Meet Their Obligations Under the Stipulation................................. 289

I. Benefits to Non-Impaired Claimants................................. 291

IV. ADEQUACY OF CLASS COUNSEL.................................... 293

A. Selection, Qualifications, and Conduct of Class Counsel................ 293

B. Conflict of Interest................................................. 294

(1) Settlement of Present Cases and Future Claims................. 294

(2) Futures Provisions in the Inventory Settlement Agreements ...... 299

(3) Other Issues Relating to Conflict of Interest.................... 303

(a) Class Counsel’s Supervisory and Oversight Duties........... 304

(b) Class Counsel’s Economic Interest in the Class.............. 304

(c) The AFL-CIO’s Monitoring Role........................... 304

(d) Fair Allocation of Resources Provision.........•............. 305

(e) CCR’s Stated Intention to Settle Present Cases............. 305

(f) Definition of the Class..................................... 305

(g) Lack of Provision to Modify Medical Criteria................ 305

(h) Class Counsel’s Role in the Notice Plan.................... 305

*256 (i) Class Representatives Preparation for Depositions........... 305

C. Collusion.......................................................... 305

(1) Overview...................................................... 305

(2) The Value of the Inventory Settlements......................... 307

(3) Benefits to the Class under Georgine vs. the Tort System........ 310

(4) Comparison of Compensation Paid to Inventory Claimants to What

They May Have Received Under Georgine .................... 310

D. Prior Conduct of Class Counsel..................................... 311

V. ADEQUACY OF NOTICE ............................................. 311

CONCLUSIONS OF LAW................................................... 314

I. CLASS CERTIFICATION ............................................. 314

A. Standards for Final Class Certification............................... 314

B. Numerosity........................................................ 315

C. Commonality and Predominance of Common Questions................ 315

D. Typicality ......................................................... 316

E. Superiority........................................................ 316

F. Adequacy of Representation......................................... 316

G. Consistency of Interests of Representative Plaintiffs and the Class..... 317

H. No Need for Subclasses............................................ 318

II. FAIRNESS OF THE SETTLEMENT.................................. 319

A. Introduction....................................................... 319

B. Background of the Settlement....................................... 321

(1) Maturity of the Litigation...................................... 321

(2) Asbestos Litigation in the Present Tort System.................. 322

(3) Negotiation of the Settlement .................................. 322

C. Specific Terms of the Stipulation.................................... 322

(1) Compensation Schedule and Procedures, Eligibility............... 322

(2) Releases, Contribution and Indemnity Provisions................. 323

(a) General Principles......................................... 323

(b) Severance of Contribution Claims........................... 323

(c) Release Provisions ........................................ 324

D. Reaction of the Class .............................................. 324

E. Conclusion......................................................... 325

III. ADEQUACY OF COUNSEL ........................................... 326

A. Legal Standard.................................................... 326

B. Conflict of Interest................................................. 326

C. The Futures Provisions in the Inventory Settlements................. 330

D. Collusion.......................................................... 331

E. Prior Conduct of Class Counsel..................................... 331

F. Conclusion......................................................... 331

IV. ADEQUACY OF NOTICE ............................................. 332

A. General Notice to Class............................................ 332

B. Notice to Longshoremen and Related Class Members................. 332

C. Conclusion Regarding Notice to Class............................... 333

V. FINAL OMNIBUS CONCLUSIONS OF LAW REGARDING PROPOSED SETTLEMENT...................................................... 334

CLOSING DISCUSSION..................................................... 334

INTRODUCTION

This is a class action claiming damages for asbestos-related personal injuries or wrongful death. Currently before the Court is the determination of whether the proposed settlement of the class action is fair to the class.

*257 This Court has previously concluded that it has subject matter jurisdiction pursuant to 28 U.S.C. § 1332 as the named parties are of diverse citizenship and the amount in controversy for each class member exceeds $50,000. Carlough v. Amchem Products, 834 F.Supp. 1437 (E.D.Pa.1993). 1 Although certain Objectors to the proposed settlement have continued to press their claims that this Court lacks subject matter jurisdiction over this action, nothing has been brought to the Court or introduced into the evidentiary record of this case to change the Court’s conclusion in its memorandum opinion. Therefore, the pending motion to dismiss for lack of subject matter jurisdiction (Document No. 1059) will be denied. 2

Based upon the evidence of record and the Court’s findings of fact and conclusions of law, and for the reasons discussed below, this Court concludes that all of the requirements of Fed.R.Civ.P. 23 have been met and that the settlement of this class action is fair to the class and should be approved pursuant to Fed.R.Civ.P. 23(e) as fair to the class.

HISTORY OF THIS LITIGATION

This proceeding was instituted on January 15, 1993, with the filing of the complaint, an answer, and a stipulation of settlement setting forth the terms of a proposed settlement between plaintiffs and twenty defendant companies represented by the Center for Claims Resolution (“CCR” or the “CCR defendants”). 3 Concurrent with the filing of the action, plaintiffs and defendants filed a joint motion for conditional class certification seeking temporary certification under Rule 23(b)(3) of an opt-out class only for the purposes of seeking approval of the proposed settlement. The parties also filed a joint motion for appointment of a special master to assist the Court during the discovery process, and to review sensitive and confidential information relevant to these proceedings.

In this action, the plaintiff class is seeking compensation related to claimed injury or death of its members due to alleged occupational exposure to asbestos or asbestos products supplied by the CCR defendants. The complaint seeks compensatory and punitive damages on the following legal theories: (1) negligent failure to warn, (2) strict liability,

(3) breach of express and implied warranty,

(4) negligent infliction of emotional distress,

(5) enhanced risk of disease, (6) medical monitoring, and (7) civil conspiracy. Complaint, Dkt. No. 1 (Jan. 15, 1993) at 18-27.

On January 29, 1993, the Honorable Charles R. Weiner of this Court conditionally certified an opt-out class consisting of:

1. All persons (or their legal representatives) who have been exposed in the United States or its territories (or while working aboard U.S. military, merchant or passenger ships), either occupationally or through occupational exposure of a spouse or household member, to asbestos or to asbestos containing products for which one or more of the defendants may bear legal liability and who, as of January 15, 1993, *258 reside in the United States or its territories, and who have not, as of January 15, 1993, filed a lawsuit for asbestos-related personal injury or damage, or death in any state or federal court against the defendants) (or against entities for whose actions or omissions the defendant(s) bear legal liability).

2. All spouses, parents, children, and other relatives (or their legal representatives) of the class members described in paragraph 1 above who have not, as of January 15, 1993, filed a lawsuit for the asbestos-related personal injury, or damage, or death of a class member described in paragraph 1 above in any state or federal court against the defendant(s) (or against entities for whose actions or omissions the defendant(s) bear legal liability).

Order, Dkt. No. 11 (Jan. 29, 1993) at 3. Occupational exposure for purposes of class membership is defined as follows in the Stipulation of Settlement (as amended September 24, 1993) (“Stipulation”):

An Exposed Person has been occupationally exposed to asbestos when that individual’s job responsibility involved working with or around asbestos or asbestos-containing products. These exposures usually occurred in industrial settings or during construction activities. “Occupational exposure” to asbestos does not include “environmental exposure,” such as that potentially experienced by office workers in buildings where asbestos products were present.

Amendment to the Stipulation at 1 (Exhibit SP-301). 4 Judge Weiner’s Order of January 29,1993 conditionally certifying the class also appointed as plaintiffs’ class counsel Ronald L. Motley and Joseph F. Rice (of Ness, Motley, Loadholt, Richardson & Poole in Charleston, South Carolina) and Gene Locks (of Greitzer and Locks in Philadelphia, Pennsylvania) (hereinafter “Class Counsel”). 5

Also on January 29, 1993, Judge Weiner assigned to me (hereinafter “this Court” or “the Court”) the task of conducting fairness proceedings and of determining whether the proposed settlement is fair to the class pursuant to Fed.R.Civ.P. 23(e). Order, Dkt. No. 12 (Jan. 29, 1993). 6 Judge Weiner granted the joint motion of plaintiffs and defendants (the “Settling Parties”) for appointment of a special master, and appointed Professor Stephen Burbank of the University of Pennsylvania Law School to act as special master. Order, Dkt. No. 13 (Jan. 29, 1993).

Early in these proceedings, three individual class members (“the Wiese Objectors”) moved to intervene as plaintiffs in order to object to the proposed settlement. Judge Weiner ultimately denied formal intervention but granted all objecting class members full rights to participate in all aspects of these proceedings, including “the right to appear through counsel, participate in the fairness hearing and conduct discovery.” Mem. Op. and Order, Dkt. No. 292 (Apr. 15, 1993) at 25-26.

On March 9, 1993, Owens-Illinois, Inc. and several other former suppliers or manufacturers of asbestos-containing products who are not named as defendants in this class action also moved to intervene, in order to address issues related to future contribution and indemnity rights of these companies in this underlying multi-jurisdictional asbestos litigation. Pursuant to a stipulation reached between the CCR defendants and the non-party asbestos companies, the motions to intervene were withdrawn and Owens-Illinois, Pittsburgh Corning Corporation and W.R. Grace & Co.-Conn. were granted amicus curiae status.

Based on the pleadings, motions and mem-oranda filed by the Settling Parties, and *259 various Objectors and Amici, this Court issued an Order setting forth a schedule for presentation of the issues to be resolved in this action. Order, Dkt. No. 346 (May 13, 1993). The Scheduling Order established a two-step process. First, the Court would consider objections relating to the exercise of subject matter jurisdiction over the action, and would also consider whether the proposed settlement satisfied a threshold standard of fairness justifying the issuance of notice to the class. The Order provided that if the Court found the exercise of jurisdiction to be proper and that preliminarily the settlement was fair for purposes of issuing notice to the class, the second step of the process would involve a period of discovery followed by a formal fairness hearing.

The first part of the two-part fairness inquiry began when the Court ordered Class Counsel and the CCR defendants to submit to the Court written proffers, accompanied by affidavits or declarations, setting forth the Settling Parties’ contentions as to the fairness of the settlement and a description of what the Settling Parties intended to establish at the final fairness hearing and by what means. Order, Dkt. No. 379 (June 2, 1993). Thereafter, the Court received extensive briefs from the Objectors, Amici, and the Settling Parties on the issues of whether the exercise of subject matter jurisdiction by the Court was proper and whether the proposed settlement was fair for the preliminary purpose of issuing notice to the class. After due notice, oral argument was held on these issues on August 23,1993, in which counsel for the Settling Parties, Objectors and Amici participated.

Pending the decision regarding subject matter jurisdiction and preliminary fairness, in August 1993, the Settling Parties filed their joint motion for approval of notice to the class detailing the proposed program for notifying the class of the pendency of this action and of the terms of the proposed settlement. See Joint Motion, Dkt. No. 445 (August 16, 1993). After receiving extensive briefs from the Settling Parties, Objectors, and Amici the Court held a hearing on matters relating to class notice on October 5, 1993, in which the Settling Parties, Objectors and Amici again participated.

On October 6, 1993, this Court issued a memorandum opinion addressing objections related to the subject matter jurisdiction of the Court, finding that the Court’s exercise of jurisdiction over this action is proper. Carlough v. Amchem Products, 834 F.Supp. 1437 (E.D.Pa.1993). On October 27, 1993, this Court issued another memorandum opinion finding that “[the settlement] appears to be the product of serious, informed, non-collusive negotiations, it has no obvious deficiencies, it does not improperly grant preferential treatment to class representatives or segments of the class, and it clearly falls within the range of possible approval.” Carlough v. Amchem Products, 1993 WL 472812 , *2, 1993 U.S.Dist. LEXIS 15280, *4 (E.D.Pa. Oct. 27, 1993). 7

In the October 27, 1993 memorandum opinion, this Court also approved the proposed program of class notice, finding that, with several modifications ordered by the Court, the notice program would satisfy the requirements of Fed.R.Civ.P. 23(e) and 23(c)(2) and the requirements of the Due Process Clause of the United States Constitution. The Court ordered that notice to the class be disseminated beginning November 1, 1993, and continuing for eight weeks. 8 Class *260 members were given three months, from November 1, 1993 through January 24, 1994, to exclude themselves from the class if they so chose. The Court also ordered the Settling-Parties to file both an interim report (on December 6, 1993), and a final report (on February 16, 1994), regarding implementation of the Court-approved notice program.

After the Court’s rulings regarding jurisdiction, preliminary fairness and class notice, the second part of the two-step fairness process previously described began, that is intensive discovery followed by a final fairness hearing. Discovery proceeded as follows: The Settling Parties first provided to the Objectors certain information relevant to the fairness of the settlement. Objectors then were given the opportunity to obtain additional information through ordinary discovery mechanisms including interrogatories, requests for production of documents and depositions. 9

After the close of discovery, written objections to the settlement were filed with the Court on February 8, 1994, and the formal fairness hearing began on February 22,1994. Counsel for the Settling Parties, several lawyers representing various Objectors, and counsel for various Amici participated at the fairness hearing. Under the direction of the Court, the Objectors closely coordinated their activities throughout the fairness proceedings.

Because of the complexity of the issues involved, and to give all interested parties a full and fair opportunity to present their views, the fairness hearing was extensive and protracted, involving the testimony of some twenty-nine witnesses (live or by deposition) during 18 hearing days over a period of over five weeks. The Court heard testimony from participants in the settlement negotiations, several representative plaintiffs, two high-ranking officers of the CCR, medical experts, financial experts, legal ethics experts, and representative asbestos plaintiffs’ attorneys. Numerous exhibits were also submitted: The substance of the testimony covered, among other things: the decades-long history of asbestos litigation in the United States; the details of the handling of asbestos litigation in the current tort system; the negotiation and operation of the proposed settlement and various objections to certain of its provisions; the competence and adequacy of Class Counsel; the medical conditions caused by exposure to asbestos and the reasonableness of the medical criteria set forth in the settlement; the ability of the CCR defendants to meet their financial obligations under the Stipulation through insurance proceeds or otherwise; and the negotiation and operation of settlements reached between Class Counsel and the CCR defendants to settle in the present tort system the inventory of pending claims of clients represented by Class Counsel and their affiliated law firms.

*261 In May, 1994, this Court received voluminous post-hearing submissions from the Settling Parties, Objectors and Amici On May 23, 1994, the Court heard day-long final oral arguments on the fairness of and objections to the proposed settlement.

The Settling Parties now urge this Court, pursuant to Fed.R.Civ.P. 23, to: (1) certify the class pursuant to Fed.R.Civ.P. 23(b)(3); (2) approve the proposed stipulation of settlement as fair, adequate, and reasonable; (3) conclude that Class Counsel adequately represented the class in the negotiation of the settlement and during the pendency of this action; and (4) approve the adequacy of the notice program as implemented by the settling parties.

The following constitute the findings of fact and conclusions of law of this Court which support its ultimate conclusion that the Settling Parties have satisfied all the requirements of a Fed.R.Civ.P. 23 opt-out class action, that the class as defined should be finally certified, and that the settlement should be approved pursuant to Fed.R.Civ.P. 23(e) as fair to the class. Because this Court conducted the entire fairness proceedings, made the jurisdictional determination, afforded the Settling Parties, the Objectors and the Amici appropriate due process, and saw and heard the witnesses and examined the evidence first hand, it is intended for purposes of judicial comity and efficiency that these findings of fact and conclusions of law be accorded the status of an adjudication of an Article III Court of co-ordinate jurisdiction.

FINDINGS OF FACT

10

I. THE CLASS AND THE CLASS REPRESENTATIVES

A. The Class

1. The Court adopts the factual definition of the class as quoted above and as defined in Judge Weiner’s Order of January 29, 1993. Order, Dkt. No. 11 (Jan. 29, 1993) at 3.

2. Although the exact size of the class is unknown, it is undisputed that there are many tens of thousands of class members. Over the past fifteen years, the CCR defendants have been named in over 180,000 asbestos personal injury claims. See Response of CCR Defendants To Order To Show Cause, Dkt. No. 173 (Mar. 17, 1993) at 6. One group of objectors to the proposed settlement have conceded that the numerosity requirement is satisfied. See Brief in Support of Wiese Objectors’ Motion To Decertify, Dkt. No. 160 (Mar. 16, 1993) at 4.

B. The Representative Plaintiffs

3. Representative plaintiff Ty Annas is 70 years of age and currently resides in Wood-leaf, North Carolina. Mr. Annas has not presently manifested an asbestos-related disease but was exposed to products supplied by the CCR defendants from 1951 through at least 1973, during the course of his employment as a construction worker. Annas 2/24/94 Tr. at 221, 224-27.

4. Representative plaintiff Robert A. Georgine resides in Silver Spring, Maryland and is President of the Building Construction Trades Department of the AFL-CIO. He was exposed to asbestos products supplied by the CCR defendants during the course of his employment as a lather beginning in 1950. Mr. Georgine has not presently manifested an asbestos-related disease. Georgine 2/28/94 Tr. at 4, 7, 13-19.

5. Representative plaintiff Anna Baum-gartner is a resident of Baltimore, Maryland and recently lost her husband, John, to asbestos-related mesothelioma. Mr. Baum-gartner’s disease resulted in part from his exposure to the CCR defendants’ asbestos products in the course of various industrial employment. Baumgartner 1/6/94 Dep. at 10-14, 54-57. Both Mr. and Mrs. Baumgart-ner were representative plaintiffs when this class action was filed. Mr. Baumgartner died while the action has been pending.

6. Mrs. Nafssica Kekrides is 54 years of age and resides in Florida. Kekrides 1/12/94 Dep. at 8, 10. Her husband Pavlos died of asbestos-related mesothelioma on April 18, 1993. Id. at 9 . Mr. Kekrides was exposed to asbestos products supplied by the CCR defendants during the course of his employ *262 ment as a painter, from 1967-1981. Id. at 11 . Like John Baumgartner, Pavlos Kek-rides was also a representative plaintiff and died during the pendency of this case.

7. Ambrose and Joanne Vogt reside in Pasadena, Maryland. Vogt 2/24/94 Tr. at 144. Mr. Vogt is 42 years of age and has been an insulation worker for some 22 years, during which time he has been exposed to asbestos products supplied by the CCR defendants. Id. at 144 . Mr. Vogt is a member of the International Association of Heat and Frost Insulators and Asbestos Workers. Id. He has not presently manifested an asbestos-related disease. Id. at 145 .

8. Mrs. LaVerne Winbun is 73 years of age and resides in Louisville, Kentucky. Winbun 1/6/94 Dep. at 9. Her husband died of asbestos-related mesothelioma in November 1991, caused in part by exposure to asbestos products supplied by the CCR defendants. Id. at 10 .

9. Carlos and Dorothy Raver reside in Finksburg, Maryland. Mr. Raver has worked as a laborer for Congoleum Corporation for 31 years, during which time he has been exposed to asbestos products supplied by the CCR defendants. Raver 1/11/94 Dep. at 10-11. Although a doctor has identified asbestos-related pleural changes in Mr. Raver’s lungs [id. at 48-49), he suffers no physical disability or impairment from those changes. Id. at 25 .

10. Timothy and Gay Murphy reside in Louisville, Kentucky. Murphy 1/6/94 Dep. at 11. Mr. Murphy is 41 years of age and was exposed to asbestos products supplied by the CCR defendants during the course of his employment as an insulation worker. Complaint, Dkt. No. 1 (Jan. 15, 1993) at 9-10. Mr. Murphy has not presently manifested an asbestos-related disease. Murphy 1/6/94 Dep. at 58.

11. Fred A. Sylvester, a resident of South Carolina, was a representative plaintiff in this action until his death, from asbestos-related mesothelioma, on March 13, 1994. Complaint, Dkt. No. 1 (Jan. 15, 1993) at 11; Motion to Substitute Party, Dkt. No. 1042 (May 2,1994) at 1. Mr. Sylvester had been a sheet metal worker and was exposed to defendants’ asbestos products in the course of that employment. Complaint, Dkt No. 1 (Jan. 15, 1993) at 11.

12. In sum, the representative plaintiffs hail from a variety of jurisdictions and represent a wide range of occupations, medical conditions, and exposure to the CCR defendants’ products, and all the representative plaintiffs are members of the class. All have expressed their support of the terms of the proposed settlement.

II. BACKGROUND OF THIS CLASS ACTION

A. History of the Asbestos Litigation 11

13. The Court of Appeals for the Third Circuit has observed that asbestos litigation has been “an unparalleled situation in American tort law.” In re School Asbestos Litig., 789 F.2d 996, 1000 (3d Cir.1986). The Judicial Panel for Multidistrict Litigation (“MDL Panel”) has summarized what it terms the “most objectionable aspect of asbestos litigation”:

“dockets in both federal and state courts continue to grow; long delays are routine; trials are too long; the same issues are litigated over and over; transaction costs exceed the victims’ recovery by nearly two to one; exhaustion of assets threatens and distorts the process; and future claimants may lose altogether.”

In re Asbestos Prods. Liab. Litig. (No. VI), 771 F.Supp. 415, 419 (J.P.M.L.1991) (quoting Report of The Judicial Conference Ad Hoc Committee on Asbestos Litigation 1-3 (1991)).

14. The Court of Appeals adds the following, citing the observations of a Philadelphia Common Pleas Judge:

Results of jury verdicts are capricious and uncertain. Sick people and people who died a terrible death from asbestos are being turned away from the courts, while people with minimal injuries who may nev *263 er suffer severe asbestos disease are being awarded hundreds of thousands of dollars, and even in excess of a million dollars. The asbestos litigation often resembles the casinos 60 miles east of Philadelphia, more than a courtroom procedure.

In re School Asbestos Litig., 789 F.2d at 1001 .

15. Personal injury and wrongful death litigation related to asbestos had its real beginnings in the late 1960’s. During the decade from the late 1960’s through the late 1970’s, plaintiffs’ counsel around the country were crafting the initial theories of liability against various asbestos suppliers, conducting discovery, and identifying the various medical conditions that could be attributed to asbestos exposure.

16. After this beginning, the period from the late 1970’s through the mid-1980’s saw a steep increase in the number of claims against asbestos suppliers. The fundamental legal theories and liability cases against various defendants had been established, and litigation against these companies intensified dramatically. By the early to mid-1980’s, however, major problems began to appear on the horizon in the asbestos litigation. Fitzpatrick 2/22/94 Tr. at 73, 74.

17. First, facing enormous liabilities and overwhelming costs to defend thousands of asbestos-related claims, many asbestos producers were on the road to bankruptcy, including a number of companies previously considered to be immune from financial difficulty. Hatten 3/17/94 Tr. at 35-36 (comparing shock the day Johns-Manville Corporation went bankrupt to “the day Kennedy was shot”) 12 ; In re Asbestos Prods. Liab. Litig., 771 F.Supp. 415, 420 (J.P.M.L.1991) (more than a dozen asbestos producers bankrupt by 1991) (citation omitted); Fitzpatrick 2/22/94 Tr. at 67, 74 (bankrupt asbestos manufacturers customarily sued in these cases included, among many others, Johns-Manville, Celo-tex, Eagle Pitcher, H.K. Porter, Carey Canada, Keene Corp., and Unarco).

18. During this same time period, asbestos dockets across the country were growing exponentially, and plaintiffs began to face substantial delay in having their claims resolved. Report of the Judicial Conference Ad Hoc Committee on Asbestos Litigation, 7-12 (1991) (Exhibit SP-208). Further, transaction costs began to far outpace compensation to victims. Id. at 12-14 (1984 Rand Corporation study, which is credited here, reliably found that only 37-39% of money paid by asbestos defendants went to victims, with 61-63% going to transaction costs). See also Fitzpatrick 2/22/94 Tr. at 77 (the majority of the dollars being spent on asbestos litigation was going to the lawyers).

19. Beginning near 1986-1987 (around the time of the Court of Appeals’ comments in the Asbestos Schools case cited above), numerous plaintiffs and defense counsel, commentators, and courts began to recognize the enormous problems facing all involved in the asbestos litigation. There were legions of examples of erratic verdicts in the tort system; mesothelioma victims would sometimes receive nothing while persons with no impairment would receive six and seven figure verdicts. Although by this time state and federal courts were already burdened by many asbestos claims, amazingly 1986 saw the rate of filing of new asbestos suits quadruple. Fitzpatrick 2/22/94 Tr. at 72-73 (filing rate jumped from around 500 new cases per month prior to 1986, or 6,000 per year, to 2000 new cases per month after 1986, or 24,000 per year).

20. In 1987, the Federal Judicial Center convened a conference of judges as well as plaintiffs’ and defense counsel to discuss the problems with the asbestos litigation as well as the possibility for some type of global resolution. Discussed at that meeting were many of the conditions outlined above, including the growing backlog of eases, the fact that new cases were being filed at a much greater rate than existing cases could be tried or settled, the fact that transaction costs greatly outweighed victims’ recoveries, *264 and the growing number of bankrupt defendants. Id. at 76-77.

B. Early Background Which Led to the Georgine Negotiations

21. At the time of the Federal Judicial Center meeting in 1987, Lawrence Fitzpatrick, now the President and Chief Executive Officer of the CCR, was Vice President of Law for the Asbestos Claims Facility (“ACF”), also known as the Wellington Group. 13 Like the CCR, the ACF was formed by a number of asbestos defendants for the purpose of coordinated processing of asbestos claims. Fitzpatrick 2/22/94 Tr. at 63-65. All the members of the CCR were formerly members of the ACF. Id. at 69.

22. After the Federal Judicial Center meeting in 1987, Mr. Fitzpatrick had several discussions with Mr. Motley, who the CCR considered to be the most prominent member of the plaintiffs’ bar with the largest asbestos practice in the country, regarding the possibility of global settlement that was urged at the Judicial Center meeting. Fitzpatrick 2/22/94 Tr. at 78. There is no suggestion in the record that Fitzpatrick formally set out to choose a plaintiffs’ attorney with whom to negotiate a global plan to settle cases. These discussions were in the nature of brainstorming the entire problem. Mr. Fitzpatrick and Mr. Motley had a number of telephone conferences and exchanged a number of documents, but did not begin any negotiations at that time. Id. Unfortunately, by this point the members of the ACF were not in agreement as to how best to try to resolve the asbestos claims against them, and the ACF was dissolved in October 1988. The CCR was formed shortly thereafter and included a number of former ACF companies who shared the same philosophy on the asbestos litigation. Id. at 66-69.

23. In 1990, the Federal Judicial Center convened another conference to address the asbestos litigation. This conference also included judges, academics and counsel representing plaintiffs and defendants. By this time, the asbestos problem had worsened, as new ease filings and bankruptcies had continued unabated and the backlog of cases now numbered more than 70,000. Fitzpatrick 2/22/94 Tr. at 82-83; Hatten 3/17/94 Tr. at 44. The 1990 Judicial Center conference was an “enormously significant event in the history of the asbestos litigation” in that those involved came away with the clear impression that “business as usual” would no longer be acceptable given the dramatic proportions of the problem. Fitzpatrick 2/22/94 Tr. at 84.

24. In the wake of the 1990 conference, the members of the plaintiffs’ bar, the defense bar, and the judiciary all took preliminary steps toward national action on the asbestos problem. A number of federal judges formed what became known as the ad hoc committee of asbestos judges. Fitzpatrick 2/22/94 Tr. at 84-85. In addition, the plaintiffs’ bar and defense bar both organized committees and held meetings to discuss global settlement possibilities. Id. at 87-88.

25. In July, 1990, members of the plaintiffs’ bar filed a Rule 23(b)(1)(B) limited fund class action in Beaumont, Texas, Linscomb v. Pittsburgh Coming Corp. et al., on behalf of all present and future persons with asbestos-related claims, against many of the major asbestos defendants. Fitzpatrick 2/22/94 Tr. at 86. Lead class counsel for that action was Mr. Motley. Defendants were vigorously opposed to a single litigation class action, such as Linscomb, as the vehicle for global resolution of the asbestos litigation. Id. at 86-87. Nonetheless, there were some negotiations between plaintiffs’ counsel and defendants at the time of Linscomb, and several concepts emerged that later would reappear in other national settlement proposals. First, it was then recognized that any global resolution should address future asbestos claims as well as present claims. Second, it was then recognized that objective medical criteria should be sought to determine victims’ compensation equitably and to treat like victims alike. See Hatten 3/17/94 Tr. at 71. The Linscomb case was never certified as a class action and was later transferred to Judge Weiner as part of the multidistrict litigation (“MDL”) proceed *265 ings pending in this Court involving all asbestos-related personal injury claims.

26. In addition to the Judicial Conference meeting and the filing of the Linscomb class action, the year 1990 saw two other major events in the asbestos litigation. First, in September 1990, Chief Justice William H. Rehnquist appointed a panel of federal judges (the Ad Hoc Committee on Asbestos Litigation) to study the asbestos litigation and produce recommendations. Second, in November 1990, eight federal district judges with significant asbestos experience sent a letter to the Judicial Panel for Multidistrict Litigation (“MDL Panel”) urging the Panel to reverse its prior rulings on the issue and to consolidate the federal asbestos litigation in a single judicial district. Exhibit SP-206. Consolidation, these judges argued, would among other things “facilitate global settlements,” and allow the transferee court to “fully explore ... national disposition techniques such as classes and sub-classes under Rule 23.” Id. at 1.

27. In March 1991, the Rehnquist Committee issued its report. Exhibit SP-208. The report was a ringing condemnation of the asbestos litigation process in the tort system. The Committee stated:

[T]he [asbestos] situation has reached critical dimensions and is getting worse. What has been a frustrating problem is becoming a disaster of major proportions to both the victims and the producers of asbestos products, which courts are ill-equipped to meet effectively.

Id. at 2. The Committee noted that an astonishing six percent of all civil cases filed in the federal courts in 1990 were asbestos-related (over 13,000 new federal cases), and that nearly two new asbestos cases are filed each year for every one case that is resolved. Id. at 7-8. The report concluded:

The volume and complexity of asbestos cases have resulted in the violation of a basic tenet of American justice and the spirit of the Civil Justice Reform Act of 1990: speedy and inexpensive resolution of cases.

Id. at 10.

28. The Rehnquist Committee also expressed its hope that some alternative dispute resolution mechanism for processing asbestos claims could be fashioned. Id. at 14, 27-39. Dean Mary Kay Kane of the Hastings Law School was the Reporter for the Rehnquist Committee and testified in this case at the fairness hearing that the judges on the Committee considered the following factors to be of the kind preferable in such mechanism: that it provide for compensation to future asbestos claimants, that it pay claims quickly with low transaction costs, that it pay cash compensation only to those claimants who suffer some actual disability or impairment related to asbestos exposure, and that it have sufficient funds to guarantee compensation for all exposed persons who in the future develop such impairment or disability. Kane 2/22/94 Tr. at 164-71. This Court credits Dean Kane’s testimony.

29. Shortly after the release of the Rehnquist Committee Report, the MDL Panel, accepting the recommendation of the eight judges with heavy asbestos dockets, issued an order on July 29, 1991 transferring all federal personal injury asbestos litigation to Judge Weiner of this Court for coordinated or consolidated pretrial proceedings. In re Asbestos Prods. Liab. Litig., 771 F.Supp. 415 (J.P.M.L.1991). The Panel voiced its hope that the MDL transfer might foster global settlements of the “asbestos mess,” noting that transfer “offer[s] a great opportunity to all participants who sincerely wish to resolve these asbestos matters fairly and with as little unnecessary expense as possible.” Id. at 424 . At the time of the MDL transfer, almost 30,000 claims were pending in the federal courts, with two times that number pending in the state courts. Id. at 416, 421 .

30. After the MDL transfer, plaintiffs’ and defendants’ steering committees were formed for the MDL litigation. Fitzpatrick 2/22/94 Tr. at 99-100. Judge Weiner appointed Mr. Motley and Mr. Locks co-lead counsel of the Plaintiffs’ Steering Committee after their election by committee members. Id. at 99; Exhibit SP-1020 at 6. It has not been shown that either OCR or any party to the instant case influenced the selection of these attorneys as co-lead counsel in the MDL litigation. Likewise, counsel for the *266 CCR defendants were active participants on the Defendants’ Steering Committee, along with counsel for other asbestos defendants. Fitzpatrick 2/22/94 Tr. at 100.

31. In addition to the general discussions which had occurred between Mr. Motley and Mr. Fitzpatrick from 1987-1990, the natural genesis of the discussions leading to the negotiations for a settlement in this case was in the global settlement negotiations which began between the Plaintiffs’ and Defendants’ Steering Committees in the consolidated MDL litigation before Judge Weiner. The primary purpose of the settlement talks in the consolidated MDL litigation was to craft a national settlement that would provide an alternative resolution mechanism for asbestos claims. Fitzpatrick 2/22/94 Tr. at 100.

32. Perhaps the major issue facing those in the asbestos litigation was and is the filing of thousands of claims by workers with minimal x-ray changes associated with asbestos-exposure (i.e., “pleural changes”), but with no physical impairment. During the MDL negotiations in 1991, there were significant differences of opinion within and between the Plaintiffs’ and Defendants’ Steering Committees about when and how to compensate these non-impaired “pleural claimants.” Fitzpatrick 2/22/94 Tr. at 100-01. However, one possible concept emerged then as a starting point for further negotiation. Although plaintiffs’ and defense counsel differed over whether immediate cash compensation should be provided to non-impaired pleural claimants who had already brought claims and entered the tort system, CCR believed there was a general consensus that pleural claimants in the future should receive some package of insurance-like benefits, including a waiver of the statute of limitations, and some reasonable assurance that there would be money, among other things, in return for deferring their receipt of cash compensation unless and until their condition worsened and they suffered some actual impairment. Id. at 105-06. No specific medical criteria for delineating impaired from non-impaired claimants was agreed to, but the general concept of negotiating such criteria was then a consensus among the affected parties. Id.

33. In late 1991, discussions between the MDL Plaintiffs’ Steering Committee (and its co-chairs Messrs. Locks and Motley) and the Defendants’ Steering Committee came to a head. Fitzpatrick 2/22/94 Tr. at 114. The Defendants’ Steering Committee made an offer in November 1991, which would have provided plaintiffs’ counsel with a single sum of money to resolve all present and future cases. It was proposed that non-impaired pleural claimants who had already filed claims in the tort system would receive some modest sum, and future pleural claimants would be deferred in exchange for a package of benefits as described above. Id. at 115— 17.

34. The Plaintiffs’ Steering Committee reported to the defendants that they had rejected the Defendants’ Steering Committee’s global settlement offer for two reasons. First, the Plaintiffs’ Steering Committee felt that it would have difficulty dividing the sum of money among various claimants. Second, and closely related, it was felt that as to lawsuits already pending in the tort system, individual plaintiffs’ counsel across the country would insist on negotiating these cases individually with defendants rather than accepting a sum determined by the MDL Plaintiffs’ Steering Committee. Fitzpatrick 2/22/94 Tr. at 115.

35. Although some progress had been made in the MDL discussions concerning a global resolution of the asbestos crisis, these efforts ultimately broke down due to the inability of either side to get beyond the lowest common denominator on their points of agreement. Hatten 3/17/94 Tr. at 80. CCR believed, however, that significant progress had been made in the MDL discussions and hoped that a fair, equitable, and reasonable solution to the crisis could be found. CCR therefore determined to, and did, continue the discussions with lawyers known to CCR to be two of the most respected and active firms in the asbestos litigation, Ness, Motley and Greitzer and Locks, who were chosen by the Plaintiffs Steering Committee and approved by Judge Weiner as co-lead counsel in the MDL consolidated litigation. Ultimately, after another year of discussions and negotiations, the result was the *267 filing of this class action and the Stipulation of Settlement that is now before this Court. There was no contradictory history of this litigation presented by any Objectors before the Court, and most of this history is a matter of public record.

36. At the time of the settlement negotiations and the filing of this .class action, the asbestos litigation was probably the most mature mass tort litigation in this country. The liability and medical issues had been the subject of massive discovery and trial and settlement experience, the results of which were known to Class Counsel and CCR.

III. FAIRNESS OF THE SETTLEMENT

A. Introduction

37. The Stipulation of Settlement in this proceeding is a 106-page document (with a 9-page amendment) which essentially sets up a schedule of benefits and an administrative procedure for compensating class members if and when they meet certain asbestos exposure and medical requirements.

38. Claims for compensation under the Stipulation are to be submitted to the staff of the CCR, who will process those claims in accord with the specific procedures set forth in the Stipulation. As explained below, there are numerous provisions for resolving disputes concerning application of the Stipulation to individual claimants, and there is also a provision for annual monitoring of the administration of the Stipulation by Class Counsel and by representatives of the AFL-CIO.

39. The Stipulation is an intricate document, with many provisions that were not debated during the course of the fairness hearing. This Court need not address here each such provision. Rather, this Court will focus on the negotiations which led to the Stipulation, on the primary provisions of the Stipulation, and on those provisions that have generated complaint from the Objectors and certain Amici.

B. The Negotiations Between CCR and Class Counsel

40. As is amply reflected by the complexity of the Stipulation, the testimony in the record and the parties’ knowledge of this very mature litigation, the negotiations resulting in the Stipulation were difficult, lengthy, and time-consuming. Many discussions took place among parties of like interests to those here. Virtually no provision of the Stipulation was not the subject of significant negotiation. Rooney 2/28/94 Tr. at 200; Fitzpatrick 2/23/94 Tr. at 183-87; Hatten 3/17/94 Tr. at 89-91. The terms of the Stipulation changed substantially during the negotiations. Hatten 3/17/94 Tr. at 93; Hatten 3/18/94 Tr. at 9-11.

41. The negotiations included a substantial exchange of information as well. In March 1992, the CCR negotiators began to share certain confidential data with Class Counsel in order to further the negotiations. Rooney 2/28/94 Tr. at 178-80; Exhibits SP-500 through SP-502. The CCR had never before shared such confidential data with any plaintiffs’ counsel. Rooney 2/28/94 Tr. at 179. The data furnished to these counsel consisted of certain schedules giving detailed information concerning the CCR defendants’ historic settlement averages and the numbers of claims settled and filed against the CCR defendants over time. Rooney 2/28/94 Tr. at 178-80; Exhibit SP-502. 14

42. In late October 1992, information on the insurance coverage available to CCR members was provided to Class Counsel. Rooney 3/3/94 Tr. at 79-80. Representatives of Peterson Consulting Limited Partnership, the firm that handles all insurance billing and coverage analysis for the CCR members, began meeting in October 1992 with Meadow-croft Associates, financial consultants employed by Class Counsel for this proceeding. Murray 3/11/94 Tr. at 174-76.

*268 43. Messrs. Locks, Motley and Rice also consulted other asbestos plaintiffs’ counsel for them views on various provisions in the Stipulation during the negotiations. Hatten 3/17/94 Tr. at 89-99; Hatten 3/18/94 Tr. at 13-15, 163-65; Freeman 3/10/94 Tr. at 70. 15

44. The Settling Parties’ negotiations leading to the medical criteria were as well protracted and vigorous, commencing with agreement on certain general principles early in the discussions, but only concluding in a final agreement on all medical issues several months later, only a few days prior to filing the class action suit. Rooney 2/28/94 Tr. at 208-09; Rooney 3/1/94 Tr. at 248-49; Rooney 3/3/94 Tr. at 92. Class counsel did not consult with medical experts during the negotiations, but they had had many years of extensive and sophisticated experience with the medical issues that were being negotiated, and prior to the negotiations had from time to time consulted with a number of medical experts. Rooney 3/3/94 Tr. at 168-69.

45. As a result of the negotiations, changes were made in the medical criteria that made them more favorable to claimants. Hatten 3/17/94 Tr. at 92-93. One of the CCR defendants’ objectives was to provide monetary compensation only to persons with “an asbestos-related malignancy or demonstrable impairment.” Rooney 2/28/94 Tr. at 230. Class Counsel, on the other hand, did not want a “hard and fast rule with respect to qualification of an individual” claimant. Id. One result of the negotiations was to add a provision for Exceptional Medical Claims (described below) for those claimants who would not otherwise qualify for compensation under the objective medical criteria. Id. at 230-31.

C. Eligibility for Compensation

46. The basic requirements that a claimant must meet for cash compensation under the Stipulation are (1) evidence of occupationally-related exposure to asbestos products supplied by one or more CCR defendants sufficient to meet the asbestos exposure criteria, and (2) evidence of a medical condition sufficient to meet the medical criteria. Exhibits SP-300, Part III.A at 12 and SP-509 at 2; Rooney 2/28/94 Tr. at 228. There is no requirement that a claimant prove any legal liability on the part of any CCR defendant. All liability defenses are waived by defendants except for exposure as aforesaid.

(1) Asbestos Exposure Requirements

47. Under Parts IV.A and IV.C of the Stipulation, the asbestos exposure requirements are at least no more burdensome than they are under the law that would apply to the claimant’s suit if it were in the tort system. Stipulation, Parts IV.A and IV.C at 19; Rooney 2/28/94 Tr. at 228-29. Disputes over whether sufficient occupational exposure has been shown by particular claimants are to be resolved by a single arbitrator selected by Class Counsel (with input from the AFL-CIO) and the CCR defendants. The exposure requirements serve the purpose of compensating those who have actual exposure to asbestos while excluding those with only trivial (i.e., not medically significant) exposure to asbestos, Churg 3/3/94 Dep. at 31, and thus are fair and reasonable.

48. At the fairness hearing, the Objectors presented only minimal testimony in opposition to the exposure requirements. Oliver 3/14/94 Tr. at 144. Because it is factually clear that the exposure requirements will for some claimants be less burdensome to meet than in the tort system, and for others'will mirror the tort system, such objections are not credited by the Court. 16

*269 (2) Medical Requirements/Criteria

49. Part V of the Stipulation contains a comprehensive set of medical criteria that the CCR defendants are to use in determining whether a claimant qualifies for compensation. Exhibit SP-300, Part V at 21-48, and SP-301 at 2-5. Part V thus serves to implement the requirement of Part III.A that a claimant submit “evidence that the Exposed Person meets the medical criteria for one of the Compensable Medical Categories, as defined in Part V, ... or should be identified as an Exceptional Medical Claim, under the procedure set forth in Part V.D” Part V contains five subparts.

50. Subpart A, “General Provisions,” defines certain commonly used medical terms that are used in the medical criteria. These definitions are clear and accurate.

51. Subpart B, “Compensable Medical Categories,” contains the basic medical criteria claimants are to meet to be eligible for cash compensation and includes four types of disease deemed associated with asbestos exposure. These are “mesothelioma” (a form of cancer of the lining of the lung or abdomen), “lung cancer,” certain “other cancers” (such as colon-rectal tumors), and “non-malignant conditions” (defined as “asbestosis” and “bilateral pleural thickening”). Exhibits SP-300 at 25-26, 29-33 and SP-301 at 2-5. Each section in this subpart specifies the objective criteria that diagnosing physicians are to find in order for claimants’ conditions to be currently compensable under the Stipulation.

52. Subpart C, “Disputes,” provides for the resolution of disagreements as to the correctness of medical diagnoses by physicians under Subpart B. Exhibits SP-300 at 33-43 and SP-301 at 5, 8-9. In general, this subpart specifies that the Class Counsel (with input from the AEL-CIO), and the CCR defendants are to select, by agreement or arbitration, panels of physicians with designated specialties, depending upon the type of disease involved, who will review disagreements between claimants and the CCR defendants as to whether physicians’ diagnoses are correct and meet the medical criteria in the Stipulation. An initial review of claimant’s diagnosis is to be made by one such panel member, assigned by rotation, and an additional review may be had at the request of either the claimant or the CCR defendants by two other panel members. To prevail in such a dispute where a diagnosis by a claimant’s physician appears on its face to meet the medical criteria, the CCR defendants have the burden of showing that the diagnosis is “clearly erroneous,” a burden that the defendants otherwise would not have in the tort system.

53. Subpart D, “Exceptional Medical Claims,” provides for consideration of medical claims that do not automatically meet the prescribed medical criteria for compensation. Exhibit SP-300 at 43-47. Under this sub-part, Class Counsel (with input from the AFL-CIO), and the CCR defendants are to select, by agreement or arbitration, an “Exceptional Medical Panel” of five physicians with particular specialties who will review on an annual basis “exceptional” claims submitted to the CCR defendants. In such eases, the diagnosing physicians believe that the claimants should be compensated because they suffer from conditions specified in one of the four compensable medical categories under Subpart B, notwithstanding the fact that, for one reason or another, the claims do not meet the specific medical criteria prescribed in the Stipulation for that category. Rules are prescribed regarding the diagnostic materials to be submitted with such claims and the procedures to be followed by the Exceptional Medical Panel. Exhibit SP-300 at 43. There are “caps” on the number of such exceptional claims that can be allowed in any one year, ranging from 5% of the “qualifying” mesothelioma claims" for that year, as set forth in Part VIII of the Stipulation, to 20% of the qualifying lung cancer claims and another 20% of the other cancer claims for that year. Exhibit SP-300 at 47. Provision is made for a person whose claim is denied to resubmit a claim after two years if new supporting evidence becomes available. Exhibit SP-300 at 46-47.

54. The Exceptional Medical Panel is intended to, and does, identify claims that for *270 reasons beyond the control of the claimant do not satisfy the requirements for a given com-pensable medical category. The Exceptional Medical Panel is required to exert every reasonable effort to implement the intent of the requirements of the compensable medical categories, which is to act as a “screen” to ensure inclusion only of exposed persons with asbestos-related conditions associated with those requirements. Exhibit SP-300 at 45.

(a) Overall Fairness of the Medical Criteria

55. The Court received testimony from seven expert medical witnesses regarding various aspects of the medical criteria in Part V.B, “Compensable Medical Categories.” The Settling Parties presented the testimony of Dr. Paul Epstein, a board-certified pulmonologist from the University of Pennsylvania, who, among other things, served as Chair of an American Medical Association panel that recently published Guidelines to the Evaluation of Pulmonary Impairment (Epstein 3/8/94 Tr. at 6); Dr. James Crapo, a board-certified pulmonologist from Duke University, who is a former President of the American Thoracic Society (Crapo 1/13/94 Dep. at 92); Dr. Andrew Churg, a board-certified pathologist from the University of British Columbia, who, among many scholarly works, is author of a text entitled Pathology of Occupational Lung Disease, and who, -among his professional qualifications, serves as the Chair of the U.S.-Canadian Mesothelioma Reference Panel (Churg 3/3/94 Dep. at 11-12); and Dr. Victor Roggli, a board-certified pathologist from Duke University, who is a member of the U.S.-Canadian Mesothelioma-Reference Panel, and who, among other scholarly works, is the author of a text entitled Pathology of Asbestos Associated Diseases (Roggli 3/8/94 Tr. at 223). See Exhibits SP-700 through SP-703. All these physicians have from time to time testified as experts over the years in the ongoing asbestos tort litigation, and all except Dr. Crapo regularly consult and testify for both plaintiffs and defendants. Epstein 3/8/94 Tr. at 9; Churg 3/3/94 Dep. at 23-24; Roggli 3/8/94 Tr. at 229. Drs. Epstein, Crapo, Churg and Roggli are competent experts because they have the knowledge, skill, experience, training and education to form an opinion on issues relating to their field of expertise.

56. All four of these experts reviewed the medical criteria in Part V and gave their professional opinions that the provisions are fair and reasonable, particularly in the context of the objectives of the Settling Parties to achieve a workable administrative system for the handling of future claims. It was the professional opinion of all four experts that the Stipulation will fairly include as eligible for compensation substantially all persons who have asbestos-related malignancies or other asbestos-related conditions involving demonstrable impairment. Epstein 3/8/94 Tr. at 32-33; Crapo 1/13/94 Dep. at 123,138-40; Churg 3/3/94 Dep. at 25-27; Roggli 3/9/94 Tr. at 6-9.

57. All four of the Settling Parties’ experts are also of the opinion that the medical criteria in the Stipulation would not exclude from cash compensation substantial numbers of persons with asbestos-related cancer or asbestos-related impairment. Dr. Epstein believes that although no compromise agreement can be perfect, this Stipulation will compensate “most of the people, the large majority, the overwhelming majority of individuals who have been truly damaged by exposure to asbestos ...” Epstein 3/8/94 Tr. at 33-34. Dr. Crapo reviewed the Stipulation to see if it excluded individuals with a significant asbestos-related disability or injury, and could not “find any significant process that should be compensated that doesn’t fall in [the Stipulation].” Crapo 1/13/94 Dep. at 117. see also Churg 3/3/94 Dep. at 27; Roggli 3/9/94 Tr. at 7-9.

58. The Settling Parties’ medical experts also emphasized that the Exceptional Claims Panel would serve to include meritorious claims which would not qualify under the specific medical criteria. Epstein 3/8/94 Tr. at 33-34; Crapo 1/13/94 Dep. at 125-26.

59. The Objectors proffered three expert witnesses regarding the medical criteria: Dr. Christine Oliver, a board-certified internist on the staff of the Massachusetts General Hospital and an Assistant Professor of Medicine at the Harvard Medical School (Oliver 3/14/94 Tr. at 71); Dr. Samuel Hammar, a practicing pathologist and teacher of patholo *271 gy at the University of Washington (Hammar 2/3/94 Dep. at 6-7); and Dr. Kaye Kilburn, a board-certified internist from the University of Southern California (Kilburn 2/2/94 Dep. at 151). Dr. Hammar has performed independent research on asbestos-related disease, and while some years ago he performed litigation consulting work with an asbestos manufacturer (Johns-Manville), his primary litigation consulting work for some years has been for plaintiffs’ counsel. Hammar 2/3/94 Dep. at 8-12, 16-18. Dr. Oliver and Dr. Kilburn have testified in the ongoing asbestos litigation (e.g., Oliver 3/14/94 Tr. at 166-67; Kilburn 2/2/94 Dep. at 157-58), generally for plaintiffs’ counsel. Drs. Oliver, Hammar, and Kilburn are competent experts because they have the knowledge, skill, experience, training and education to form an opinion on issues relating to their field of expertise.

60. Dr. Oliver was not asked for an opinion as to the overall fairness or reasonableness of the medical criteria in the Stipulation. Dr. Hammar, when asked his “overall opinion” simply described the Stipulation as a “well-organized” document which “set forth a certain amount of criteria” to determine “which persons fell into [certain categories] ...” Hammar 2/3/94 Dep. at 27 (he opined that certain medical criteria were “arbitrary” or “incorrect”). When Dr. Kilburn was asked his opinion of the Stipulation as a whole, he responded that “virtually every paragraph [was] objectionable, one way or another,” and that the agreement “was a lousy, reprehensible, and diabolically cunningly designed document to take the rights and privileges away from the asbestos-exposed workers of America.” Kilburn 2/2/94 Dep. at 24-25.

61. Based upon the testimony of these seven experts, the Court finds and accepts the testimony that the medical criteria of the Stipulation, viewed as a whole, meet the objectives of the Settling Parties of compensating substantially all claimants with asbestos-related cancer or asbestos-related impairment. Epstein 3/8/94 Tr. at 34-35; Crapo 1/13/94 Dep. at 98, 123; Roggli 3/9/94 Tr. at 4-5. In achieving these objectives, the medical criteria in the Stipulation present a sound and workable compromise of current medical and scientific opinion on important and sometimes difficult issues related to asbestos exposure and disease. Id. This finding is amply supported by the uniform and comprehensive opinions of the four experts presented by the Settling Parties in which they reviewed all the potentially controversial criteria.

62. The Court does not credit the testimony of the Objectors’ medical experts. The three experts presented by the Objectors were not united in their overall view of the medical criteria, although they agreed with each other on certain specific issues. Nor did these three experts give meaningful opinions as to the reasonableness of the medical criteria in the context in which the criteria were put forth by the Settling Parties—that is, as a compromise of vigorously disputed complex issues in a large class settlement designed to provide a fair and workable system of handling future claims for asbestos-related malignancies and other demonstrable asbestos-related impairment. Rather, with the exception of Dr. Kilburn, whose diatribe against the medical criteria in their entirety appeared immoderate and contrary to the weight of the scientific evidence and therefore unpersuasive, the Objectors’ experts merely pointed to specific aspects of the medical criteria that they questioned either as a purely scientific matter divorced from consideration of the settlement as a whole, or as less desirable provisions than others that might have been negotiated by the Settling Parties. E.g., Oliver 3/14/94 Tr. at 171-72, 177-78. In sum, the Court finds that the testimony of the Objectors’ medical experts is unpersuasive in the context of the task before the Court. 17

*272

(b) The Major Specific Medical Issues

63. Two specific medical issues, involving two types of potential claimants, require closer attention: (1) compensation for claimants who only evidence pleural changes without impairment, ie., “pleural thickening” and “pleural plaques,” and therefore do not meet the stated criteria for compensation in Part V.B.4 (“Non-Malignant Conditions”), and (2) compensation for claimants with lung cancer who only produce evidence of some asbestos exposure or pleural changes, or both, and who therefore do not meet the stated criteria for compensation in Part V.B.2 (“Lung Cancer”).

(i) “Pleural” Claims

64. As a result of the negotiations described above, 18 the non-malignant medical criteria in Part V.B.4 (in the subdivisions captioned “clinical evidence of asbestosis” and “pathological evidence of asbestosis”) require either evidence of interstitial, or parenchymal, scarring on x-ray accompanied by abnormal pulmonary function test results, or comparable pathological evidence of scarring by tissue analysis to qualify for payment. Exhibit SP-300, Part V.B.4.b.c. A showing of pleural thickening can lead to immediate compensation in certain circumstances— where it is bilateral (ie., on both lobes of the lung), extensive, and accompanied by abnormal pulmonary function test results, as set out in Part V.B.4.d. The Settling Parties concede that these particular medical criteria would, in varying degrees, be more stringent than those used by some courts. Rooney 3/1/94 Tr. at 252-63. That concession is accepted by the Court.

65. This Court will consider the objections to the Stipulation centering on the issue of excluding pleural claims from qualifying for immediate cash compensation. The Objectors offered two expert witnesses in support of the objections, Drs. Oliver and Kil-burn. The core of Dr. Kilburn’s and Dr. Oliver’s position, as reflected in their testimony, is that (1) they define “asbestosis” as including more individuals than those who qualify for immediate cash compensation under the Stipulation, and (2) they claim that individuals with pleural changes alone can have functional impairment and would therefore be improperly excluded from compensation. Kilburn 2/2/94 Dep. at 76, 156; Oliver 3/14/94 Tr. at 94-95, 126-30, 142-43, 210.

66. Neither the objections to the exclusion of pleural claims from qualifying for immediate cash compensation nor Drs. Kil-burn and Oliver, however, has either adequately considered this issue in the context of the overall fairness and reasonableness of the compromise struck by the Settling Parties in the agreement, or in terms of the benefits received by those not receiving immediate cash compensation but receiving a group of non-cash benefits. E.g., Oliver 3/14/94 Tr. at 171-72, 177-78.

67. Moreover, after reviewing and crediting the testimony of the four medical experts presented by the Settling Parties, this Court finds that Dr. Kilburn’s and Dr. Oliver’s opinions regarding asbestosis, pleural changes and impairment in those with pleural changes are in substantial disagreement with many of their colleagues and with a large and well-respected authoritative body of medical literature. Oliver 3/14/94 Tr. at 212-13; Kilburn 2/2/94 Dep. at 76; Epstein 3/8/94 Tr. at 25, 59-60, 207-08; Churg 3/3/94 Dep. at 62; Roggli 3/9/94 Tr. at 36. These Objectors’ opinions are not accepted as persuasive in the context of the task before the Court. The Settling Parties’ experts’ opinions regarding pleural changes, on the other hand, reflected the prevailing view in the medical literature and are accepted by the Court. Epstein 3/8/94 Tr. at 25, 59-60.

*273 68. Based on the testimony of the Settling Parties’ experts, the Court finds that pleural changes alone “will in the vast majority of the cases cause no symptoms!,]” “no change in physiology, and [ ] will not have any effect on the individual’s life span.” Epstein 3/8/94 Tr. at 25, 58; see also Epstein 3/8/94 Tr. at 58-60, 207-08; Crapo 1/13/94 Dep. at 45-17, 162-63; Churg 3/3/94 Dep. at 34, 62; Roggli 3/9/94 Tr. at 36-37.

69. Having credited the testimony of the Settling Parties’ experts on this point, the Court finds that the Stipulation should not be considered unfair because individuals with “evidence of pleural thickening or pleural plaques alone” will not receive immediate cash compensation. 19

70. Ultimately, having reviewed and credited the testimony of the Settling Parties’ experts, the Court finds that the Stipulation’s working definition of “asbestosis” and the exclusion from immediate cash compensation of claims for pleural changes alone are reasonable, particularly when the Stipulation also provides for a group of benefits for these claimants (as described and discussed below).

(ii) Lung Cancer

71. The second issue on which there appeared to be considerable disagreement between the Settling Parties and the Objectors was the reasonableness of the medical criteria for attributing a lung cancer to asbestos exposure in Part V.B.2. The Stipulation lists five medical criteria the presence of which will allow a claimant with lung cancer to qualify for compensation: (1) “clinical evidence of asbestosis” under Part V.B.4.b; (2) “pathological evidence of asbestosis” under Part V.B.4.c; (3) evidence of “bilateral pleural thickening” under Part V.B.4.d; (4) evidence of bilateral pleural thickening or plaques coupled with sufficient occupational exposure under Part V.B.2.c; (5) and favorable resolution by the Exceptional Medical Panel under Part V.D. Exhibits SP-300, Part V.B.2 at 26-27 and SP-301 at 2-3.

72. The medical criteria in the Stipulation would not automatically permit compensation of persons with lung cancer who simply produce some evidence of asbestos exposure, as reflected in a work history, or as reflected by pleural changes alone, or as reflected by some milder abnormality in a chest x-ray or pulmonary function test result than would qualify as “asbestosis” under the medical criteria, unless such a claim based upon a showing of exposure would be found persuasive to the Exceptional Medical Panel under Part V.D. Exhibit SP-300, Parts V.B.2 and V.D.

73. Two of the three medical experts offered by the Objectors, Drs. Oliver and Kil-burn, explained that it was their medical opinion that a person “need have only a history of exposure” and “appropriate latency” to attribute his lung cancer to asbestos exposure. Oliver 3/14/94 Tr. at 230; see also Kilburn 2/2/94 Dep. at 146-48.

74. The third expert produced by the Objectors, Dr. Hammar, however, testified that it was his opinion that, in order to attribute lung cancer to asbestos exposure, “there has to be a concentration of asbestos in the lung tissue great enough to cause the disease asbestosis, and that can either be in the form of fibers per gram of lung tissue ... or asbestos bodies per gram of lung tissue.” Hammar 2/3/94 Dep. at 40-41. The medical criteria in the Stipulation, however, do not provide for automatic compensation for lung cancer on the basis of such pathological or tissue analysis alone.

75. Dr. Hammar also testified that if the Exceptional Medical Panel were able to evaluate cases where there was an elevated fiber burden such as he described but no asbestosis, he would find the lung cancer criteria reasonable. Hammar 2/3/94/ Dep. at 94. 20 *274 After reviewing Dr. Hammar’s testimony and the testimony of the Settling Parties’ experts on this point, the Court finds that method described by Dr. Hammar for attributing lung cancer to asbestos exposure would be persuasive to the Exceptional Medical Panel.

76. All seven medical experts who testified on this point recognized that there was a difference of opinion in the medical community as to whether underlying asbestosis is required before a lung cancer may be attributed to asbestos exposure or whether it is sufficient that there be exposure sufficient to cause asbestosis, whether or not the claimant has actually contracted asbestosis. See, e.g., Hammar 2/3/94 Dep. at 45, 47-48. However, all four of the Settling Parties’ experts found the medical criteria in the Stipulation to be a reasonable compromise between the mainstream opinions, and none of the four faulted the criteria for not permitting lesser evidence, such as recommended by Drs. Oliver and Kilburn. Churg 3/3/94 Dep. at 49-50, 52-53, 54-57 (describing the mainstream medical opinions); Crapo 1/13/94 Dep. at 86; Epstein 3/8/94 Tr. at 52-53, 55-57; Roggli 3/9/94 Tr. at 42-60, 134-47.

77. Having reviewed and credited the testimony of the Settling Parties’ experts, this Court finds that the position of Drs. Oliver and Kilburn on this point is in substantial disagreement with the vast majority of their colleagues and with a large, well-respected and authoritative body of medical literature. E.g., Churg 3/3/94 Dep. 57.

78. Given the provision in the Stipulation for the Exceptional Medical Panel, this Court finds that few, if any persons with lung cancer that is claimed to be attributable to asbestos exposure would be denied compensation under the Stipulation. Epstein 3/8/94 Tr. at 56-57; Roggli 3/9/94 Tr. at 48-60; Hammar 2/3/94 Dep. at 94.

79. Ultimately, having reviewed and credited the testimony of the Settling Parties’ experts on this point, this Court finds that the lung cancer qualifying criteria in the Stipulation are fair and reasonable.

(c) Subsidiary Medical Issues

80. Various objections were made to other specific portions of the medical criteria in the Stipulation that, for purposes of discussion, may be grouped as follows: (i) Mesothe-lioma, Part V.B.l, (ii) Lung Cancer, Part V.B.2, (iii) Other Cancer, Part V.B.3, and (iv) Non-Malignant Conditions, Part V.B.4.

(i) Mesothelioma

81. The Objectors raised the following concerns regarding the medical criteria for mesothelioma prescribed in Part V.B.l of the Stipulation: that the criteria may not be clear enough to include “pericardial” meso-theliomas (Hammar 2/3/94 Dep. at 31; Oliver 3/14/94 Tr. at 144); that the criteria should be clarified to include specific references to compensation for mesotheliomas of the “tuni-ca vaginalis” and diagnosis of mesotheliomas by “electron microscopy” (Hammar 2/3/94 Dep. at 30-31); that a latency period of ten years may not provide for the possibility that a person with mesothelioma would be diagnosed less than ten years after first exposure (Hammar 2/3/94 Dep. at 33-34); and that the criteria’s insistence upon pathological diagnoses, ie., from tissue analysis, as opposed to diagnosis merely by clinical observation may not be fair (Oliver 3/14/94 Tr. at 145).

82. The Settling Parties’ experts testified on these issues, and having reviewed and credited their testimony, this Court finds that the mesothelioma criteria are fair and reasonable and that the objections to the mesothelioma criteria are not supported by persuasive evidence. Churg 3/3/94 Dep. at 30; Epstein 3/8/94 Tr. at 47; see also Ham-mar 2/3/94 Dep. at 31 (“pericardial” mesothe-lioma is “very rare”); Hammar 2/3/94 Dep. at 30-31 (mesotheliomas of the “tunica vaginal-is” are probably implicitly included in the mesothelioma criteria); Hammar 2/3/94 Dep. 33-34 (a latency period for mesothelioma of less than ten years is “a very rare thing.”); Oliver 3/14/94 Tr. at 145 (most cases of meso-thelioma are diagnosed from pathological evidence and not merely by clinical observation).

*275

(ii) Lung Cancer

83. This Court has already made findings regarding the basic qualifications for com-pensability for asbestos-related lung cancer under Part V.B.3 of the Stipulation. FOF ¶¶ 71-79. The Objectors also raised the following concerns regarding specific aspects of the criteria: that the requirement in Part V.B.2.a that lung cancer diagnoses be made by a board-certified pathologist, pulmonary specialist, or oncologist may be unnecessary (Oliver 3/14/94 Tr. at 156-57); and that the twelve-year latency requirement for lung cancer in Part V.B.2.b may be unfair because the Objectors’ experts believed that lung cancer can occur within shorter periods after first exposure to asbestos (Hammar 2/3/94 Dep. at 35-36; Kilburn 2/2/94 Dep. at 172-73; Oliver 3/14/94 Tr. at 157).

84. Having reviewed the Objectors’ experts’ testimony on these issues, having found their testimony unpersuasive, and having credited the testimony of the Settling Parties’ expert who testified as to one of the issues, this Court finds that the lung cancer criteria are fair and reasonable. Epstein 3/8/94 Tr. at 51 (testifying as to the latency requirement for lung cancer); see also Ham-mar 2/3/94 Dep. at 36 (acknowledging that he had seen “very few” lung cancer cases that he thought were asbestos-related but that had shorter latency periods).

(Hi) Other Cancer

85. Part V.B.3 of the Stipulation provides for compensation for certain types of cancer other than lung cancer and mesothelioma. Some of the Objectors asserted that still other types of cancer can be asbestos-related and should be compensated under the agreement, such as: kidney cancer, pancreatic cancer, oral pharyngeal tumors, and lymphoma. Kilburn 2/2/94 Dep. at 165-66; Oliver 3/14/94 Tr. at 161 (would only add kidney cancer); Hammar 2/3/94 Dep. at 61-62 (same).

86. The Settling Parties’ experts testified on these issues and agreed that there was not sufficient scientific evidence to associate kidney cancer with asbestos exposure. Rog-gli 3/9/94 Tr. at 40; Crapo 1/13/94 Dep. at 96; Epstein 3/8/94 Tr. at 30-31. Having reviewed and credited their testimony, this Court finds that the medical criteria for other cancer are fair and reasonable and that the objections regarding the exclusion of certain other cancers are not supported by per-suásive evidence.

(iv) Non-Malignant Conditions

87. Beyond the objections regarding the basic impairment criteria for non-malignant conditions that have been discussed earlier in these findings, some of the Objectors, supported by one or more of their medical experts, raised the following specific concerns regarding the non-malignant conditions criteria in Part V.B.4 of the Stipulation: that the latency requirement in Part V.B.4.a “will be a problem” for certain class members (Oliver 3/14/94 Tr. at 121); that the requirement that diagnoses of non-malignant conditions be made by board-certified internists, • pulmonary specialists or pathologists is not necessary (Oliver 3/14/94 Tr. at 122); that the requirement in Part V.B.4 that x-rays be read by a “certified B-reader” is not necessary (Kilburn 2/2/94 Dep. at 162); that the requirements for abnormal pulmonary function test results in Part V.B.4 are not adequate to take account of some persons, chiefly smokers, who have both “restrictive” disease from asbestos exposure and “obstructive” disease and whose total lung capacity may therefore be normal (Oliver 3/14/94 Tr. at 138-39; Hammar 2/3/94 Dep. at 52-53); that the requirement of in Part V.B.4.C of evidence of asbestos bodies in the tissue sample for a pathological finding of asbestosis may be unfair (Hammar 2/3/94 Dep. at 53); that the Stipulation should provide compensation for “fear of cancer” and “medical monitoring” of persons with exposure to asbestos but who do not manifest a qualifying condition (Kilburn 2/2/94 Dep. at 160, regarding medical monitoring); and that the Stipulation should compensate persons with benign “pleural effusions” because they may be caused by asbestos exposure and they may cause impairment (Kilburn 2/2/94 Dep. at 162-64).

88. Having reviewed the Objectors’ experts’ testimony on these issues, having found their testimony does not support a conclusion that the medical criteria for non *276 malignant conditions are unfair or unreasonable, and having credited the testimony of the Settling Parties’ experts who testified as to several of these issues, this Court finds that the medical criteria for non-malignant conditions are fail' and reasonable. Epstein 3/8/94 Tr. at 36, 38-40, 60-61, 72-96; Crapo 1/13/94 Dep. at 48, 56-59, 76-79, 186; Churg 3/3/94 Dep. at 35-36, 73-74; Roggli 3/9/94 Tr. at 28-30; see also Kilburn 2/2/94 Dep. at 64 (uses a fifteen-year latency period in his work); Oliver 3/14/94 Tr. at 75-76, 185-86 (uses B-readers in her work); Hammar 2/3/94 Dep. at 57 (rarely has seen cases where asbestos bodies were lacking and fibrosis was considered to be asbestos-related).

D. Compensation Procedures

89. Parts VII, VIII and IX of the Stipulation set forth procedures for determining how, when, and how much will be paid for claims that qualify for compensation. Part VII establishes a (1) Compensation Schedule for the payment of qualifying claims; (2) Part VIII sets forth the Case Flow Máxi-mums and payment procedures; (3) and Part IX discusses the payment of “extraordinary” claims. Exhibits SP-300, Parts VII-IX at 51-66 and SP-301 at 5-6.

(1) Compensation Schedule

90. The Compensation Schedule (described in Part VII and attached to the Stipulation as Exhibit B) 21 sets forth a maximum and a minimum value, as well as a middle range (a so-called “negotiated average value range”), for each of the four medical categories. These values will be used to determine compensation dollar payments for most of the qualifying claims under the Stipulation. Rooney 2/28/94 Tr. at 233; Exhibits SP-300 (Exhibit B) and SP-509 at 6. The Compensation Schedule also includes a “negotiated average value” for “extraordinary” claims, which will be used to determine the funds available for the payment of such “extraordinary” claims. Rooney 2/28/94 Tr. at 235-36; Exhibits SP-300 (Exhibit B) and SP-509 at 6.

91. A claimant who qualifies for compensation under the Stipulation has several options for obtaining compensation: (1) the “simplified” payment procedure, whereby he or she will receive the “minimum value” in the appropriate medical category in a short period of time (Exhibit SP-300, Part VIII.B at 55-56; Rooney 2/28/94 Tr. at 245); (2) the “individualized” payment procedure, whereby he or she will receive compensation in some amount between the “minimum” and “maximum” values for the appropriate medical category, and where the average of all compensation amounts offered to claimants in that medical category in a six-month interval will fall within the “negotiated average value range” for that medical category (Exhibit SP-300, Part VIII.B at 58; Rooney 2/28/94 Tr. at 233-34; Murray 3/11/94 Tr. at 105-06); and (3) the “extraordinary” claim procedure, whereby the claimant will be awarded an amount due to extraordinary damages by an independent three-person panel 22 from a fund of money calculated using the “negotiated average value” for “extraordinary” claims on the Compensation Schedule (Exhibit SP-300, Part IX at 61-66; Rooney 2/28/94 Tr. at 235). See also Rooney 2/28/94 Tr. at 235, 245-46.

92. For those qualifying claimants that elect the individualized payment procedures, Part VIII.B.2 provides that the CCR will make offers to such claimants based on all the factors that it has used historically to evaluate claims for settlement. These factors include:

type of claim, nature and extent of asbestos disease or injury, questions of medical causation, disability, age, number and age of dependents, special damages, pain and suffering, likelihood and amount of exposure to products manufactured or supplied by the CCR defendants ... job history, location of the forum in which a lawsuit for asbestos-related injury or damage could *277 properly be maintained by the Claimant, information concerning historical settlement values, jury verdicts, and judgments in comparable cases involving various plaintiffs’ counsel in that forum and in other jurisdictions, type of release to be provided by the Claimant, and any other relevant criteria generally utilized in the settlement of litigated tort cases.

Exhibits SP-301 at 5-6, SP-300, Part VIII. B.2.a at 57 and SP-509 at 9; Rooney 2/28/94 Tr. at 234-35, 246-47. These factors will be weighed by the CCR in accord with its historical practices. Exhibit SP-301 at 6; Rooney 2/28/94 Tr. at 247. Generally, claims will be paid in the order in which they are submitted; however, this principle may change in any year where the maximum number of qualifying claims in a medical category exceeds the number that may be paid. Exhibit SP-300, Part VIII.B.3 at 59; see for explanation Rooney 3/1/94 Tr. at 132-33, 144.

93. Part VII.B of the Stipulation further provides that, after the first ten years that the settlement operates, Class Counsel and the CCR defendants will renegotiate the Compensation Schedule. Part VII.B provides a dispute resolution procedure for deciding this issue if Class Counsel and the CCR defendants cannot agree. The values in the Compensation Schedule may not be adjusted at that time by greater than 20%. Exhibit SP-300, Part VII at 52.

94. The values in the Compensation Schedule, including those set for the payment of extraordinary claims, were negotiated based on the CCR defendants’ historical settlement averages and several other factors. These other factors included reasons for increasing the compensation payments over the CCR’s historical averages, such as that the historical averages include payments made to claimants without demonstrable breathing problems due to asbestos whose claims will be deferred under the Stipulation. Rooney 2/28/94 Tr. at 241-43; Exhibit SP-509 at 8. They also included reasons for decreasing the compensation payments from the CCR’s historical averages, such as the fact that the Stipulation involves a waiver of defenses to qualifying claimants by the CCR defendants; that payments under the Stipulation should, in most cases, be made faster than under the tort system at lower transaction costs, including attorneys’ fees; and finally, that qualifying claimants with non-malignant conditions will be able to receive additional compensation if and when they contract cancer. 23 Rooney 2/28/94 Tr. at 243-45; Exhibit SP-509 at 8.

95. Having reviewed the underlying documents provided to Class Counsel during the negotiations and accepted into evidence at the fairness hearing, and having found these documents to be accurate and valid, this Court finds that the values in the Compensation Schedule are indeed a reasonable reflection of the CCR defendants’ historical settlement averages from the tort system. Exhibits SP-502, SP-504 and SP-601(B)-(D); Rooney 2/28/94 Tr. at 182-85; Rooney 3/1/94 Tr. at 115-28; Murray 3/11/94 Tr. at 94-101, 109-11, 112-15, 128-30 (analyzing the CCR defendants’ historical data). This Court further finds that it was reasonable and logical for the CCR defendants and Class Counsel to negotiate the values in the Compensation Schedule based on the CCR defendants’ historical averages and the other factors described above. This Court finds that the Objectors have offered no persuasive evidence that the method for setting these values or the values themselves are manifestly flawed.

96. The Objectors raised several concerns regarding the Compensation Schedule. First, the Objectors question why the information provided to Class Counsel regarding the CCR defendants’ historical averages did not break down the claims in the non-malignant medical category into “asbestosis,” “disputed asbestosis,” and “pleural.” There was *278 testimony at the fairness hearing that the CCR defendants had data with the non-malignant category broken down as the Objectors described. Rooney 3/1/94 Tr. at 171-75. However, this Court infers from the testimony that such data would not have been a reliable basis for negotiation of the values in the Compensation Schedule because there were in place no standards for the CCR claims personnel to follow in placing nonmalignant claims in the three categories and the data collected was thus flawed. Rooney 3/3/94 Tr. at 41-44; Rooney 3/1/94 Tr. at 177-80; Fitzpatrick 2/24/94 Tr. at 15-22. Having credited the above-mentioned testimony, this Court finds that it was not reasonable for Class Counsel to demand such data for purposes of negotiating the values in the Compensation Schedule.

97. The Objectors argued that because the CCR defendants’ averages increased during 1992, the use of four-year historical averages as a primary component of the compensation amounts under the Stipulation is unfair. See Fitzpatrick 2/23/94 Tr. at 225. However, there was testimony, which this Court credits, that the increase was caused primarily by the settlement in 1992 of large consolidated trials in Maryland and New York. Rooney 2/28/94 Tr. at 185-86. Furthermore, the 1992 increase was fully disclosed during the negotiations. Id. Accordingly, this Court finds that the four-year settlement averages for the CCR defendants constitute a reasonable basis for determining the compensation values under the Stipulation.

98. The Objectors’ also argue that the Compensation Schedule is unfair because they claim that the loss of consortium claims are thereby settled for no compensation. Based on the evidence at the fairness hearing, however, this Court finds that the CCR defendants’ historical averages, upon which the compensation values are based, include payments for loss of consortium claims, and, accordingly, the Compensation Schedule is not unfair for this ascribed reason. Rooney 2/28/94 Tr. at 186-87.

99. Finally, the Objectors argue that the Compensation Schedule is unfair because it contains no adjustment for inflation. This Court has taken judicial notice of the general Consumer Price Index statistics, see Order, Dkt. No. 1005 (April 8, 1994), and the CCR defendants presented no evidence at the fairness hearing to rebut the Objectors’ argument that a settlement agreement that settles future cases over the course of ten years should indeed contain an adjustment for inflation. See Hatten 3/17/94 Tr. at 13. 24 Having reviewed and considered the arguments on this issue, the Court finds that a picture perfect negotiator for the class members might have insisted on and achieved an adjustment for inflation. However, the Court also finds that the absence of such an adjustment does not render the Stipulation unreasonable or unfair when viewed as a whole in light of the significant advantages presented to the class members.

100. In sum, this Court finds that the compensation values under the Stipulation are fully justified by the CCR defendants’ historical settlement averages and other factors, and, accordingly, that the compensation values are fair and reasonable to the class. The objectors’ arguments concerning the inadequacy of these compensation amounts do not persuade this Court that they are unfair to the class.

(2) Case Flow Máximums

101. The Stipulation also contains, as Exhibit A and A*, annual Case Flow Máximums for the payment of qualifying claims during the first ten years of the Stipulation. These Case Flow Máximums govern only the timing of when claims may be paid; the CCR defendants remain obligated to pay all qualifying claims. Moreover, the Case Flow Máximums may be adjusted one time during the first ten years of the Stipulation, and are subject to renegotiation without limitations after ten years. Exhibit SP-300, Part VIII.A at 53-54 (and Exhibit A*); Rooney 3/1/94 Tr. at 14-15. If after ten years, Class Counsel and the CCR defendants cannot agree on new Case Flow Máximums, Part *279 VIII.A.3 provides a dispute resolution procedure. Exhibit SP-300, Part VIII.A.3 at 54; Rooney 3/1/94 Tr. at 19-20.

102. There are various provisions of the Stipulation that allow the Case Flow Máxi-mums in a given medical category to be exceeded in a given year if less than the maximum number of claims or settlement dollars have been paid in another category. Exhibit SP-300, Part VIII at 60; Rooney 3/1/94 Tr. at 5-7; Murray 3/11/94 Tr. at 116-17. To the extent there are such “saved” dollars, qualifying claims in the mesothelioma category will be the first additional claims paid. Exhibit SP-300, Part VIII.C at 60; Rooney 3/1/94 Tr. at 5-6. Further, Part VIII.A provides that if the number of qualifying claims in any medical category exceeds these Case Flow Máximums in a given year, then such excess claims shall have priority for payment in the next year. Exhibit SP-300, Part VIII.A at 53; Rooney 3/1/94 Tr. at 4; Murray 3/11/94 Tr. at 116.

103. The Case Flow Máximums were negotiated based on the number of claims settled by the CCR defendants in each of the four disease categories in each of the four years preceding the settlement. Taken into account was OCR’s commitment to settling all present claims filed against the CCR defendants in the tort system in addition to settling future claims through the Stipulation. Exhibit SP-502; Rooney 2/28/94 Tr. at 187-89; Rooney 3/1/94 Tr. at 9-11.

104. At the fairness hearing, the Settling Parties presented additional evidence, which this Court credits, to substantiate the point that the Case Flow Máximums, if reached, would result in the CCR defendants paying more claims, at a faster rate, than they have ever paid in the past. Exhibit SP-601(G) shows that, from October 1988 through the date that the Stipulation was filed (January 15, 1993), the CCR defendants settled (calculated on a paid basis) approximately 60,000 claims in the tort system during this four- and-one-quarter year period. Murray 3/11/94 Tr. at 102-03. See also Exhibit SP-504 at Bates Stamp No. CCR 2000313. Taking into account payment of settlements for the remainder of the pending tort claims (either under previously agreed-to or new settlements), and payment of “future” claims at the Case Flow Máximums in the Stipulation, SP-601(G) shows that the CCR defendants would pay settlements in approximately 225,000 claims from January 15, 1993 through the end of 2003. Murray 3/11/94 Tr. at 118-126. Exhibit SP-601(H) contains this data to set forth the calculation of the average number of claims paid per year by medical category both before (October 1988—January 15, 1993) and after (January 15, 1993— December 31, 2003). Murray 3/11/94 Tr. at 120-24, 127. Exhibits SP-601(G) and SP-601(H) together show that, in the mesothelioma, other cancer, and non-malignant medical categories, the CCR defendants would pay more claims each year after the instant Settlement Stipulation was filed than they did during the four years prior to this filing; in the lung cancer category, the CCR defendants would pay claims at approximately the same rate that they have historically paid such claims. Murray 3/11/94 Tr. at 127. 25

105. This Court also finds based on the evidence at the fairness hearing that the average asbestos ease takes almost thirty-one (31) months to resolve in the tort system, Exhibit SP-208 at 10-11, and that claims against the CCR defendants have, on average, taken almost three years to resolve. Rooney 3/1/94 Tr. at 129-30, 155, 67-68.

106. The Objectors argued that the Case Flow Máximums in the Stipulation are set unfairly low. The CCR defendants settled 128,000 claims in the last five years (1989-93). See Fitzpatrick 2/23/94 Tr. at 131-32. However, there was explanatory testimony, which this Court credits, that more claims were settled in the tort system by the CCR defendants in 1993 than ever before (approximately 53,000) because after this class action was settled, the CCR defendants undertook to settle all present tort claims over the next five years. Fitzpatrick 2/23/94 Tr. at 136; *280 Exhibit SP-300 at 3. Prior to 1993, the most claims that the CCR defendants had ever settled in one year was approximately 25,000 (1992), and the most claims they had ever paid in one year was approximately 19,000 (1990). Murray 3/11/94 Tr. at 102-03; SP-504 at Bates Stamp No. CCR 2000313. In other years, the number of claims settled or paid has been much lower. Exhibit SP-504 at Bates Stamp No. CCR 2000313.

107. The Objectors also argued that the Case Flow Máximums are inadequate for the following reasons: (1) the Case Flow Máximums are less than the annual new case filings against the CCR defendants; (2) the maximum number of lung cancer claims is slightly less than the maximum number of mesothelioma claims even though the CCR defendants have traditionally settled more lung cancer claims than mesothelioma claims; (3) the decrease from year-to-year in the mesothelioma and lung cancer categories is too great (Nicholson 3/31/94 Dep. at 64-66). 26 None of these arguments, however, refutes the central fact which this Court finds is supported by the evidence at the fairness hearing: the Case Flow Máximums, if reached, would result in the CCR defendants paying claims at a faster rate, than they have ever paid before, in the mesothelioma, other cancer, and non-malignant medical categories, and paying lung cancer claims at approximately the same rate that they have paid such claims historically. Murray 3/11/94 Tr. at 127; Exhibit SP-601(H). Further, with respect to lung cancer claims, the medical testimony, which this Court credits, was that claims for asbestos-related lung cancer should be on the decline due to the diminished levels of asbestos exposure to the class members in the past few decades. See Roggli 3/9/94 Tr. at 59.

108. Based on the foregoing findings of fact, this Court finds that the Case Flow Máximums will result in less delay for asbestos claimants than that experienced in the present tort system, and in the payment of the same amount of or more claims each year than CCR paid during the four years prior to this filing. Accordingly, this Court finds that the Case Flow Máximums are reasonable, adequate and fully justified by the evidence at the fairness hearing. The Objectors’ arguments to the contrary are rejected as unpersuasive.

(3) Extraordinary Claim Procedure

109. For those qualifying claimants that elect the extraordinary claim procedure, Part IX.C of the Stipulation provides that the Extraordinary Claims Panel will select extraordinary claims at annual intervals. Exhibit SP-300, Part IX.E.l at 63. Criteria for selection as an “extraordinary” claim will include:

a combination of age, number and age of dependents, relevant economic factors, an unusually high percentage of exposure to the asbestos or asbestos-containing products of the CCR Defendant(s) ... or other similar factors that would demonstrate a truly extraordinary claim for compensatory damages against the CCR Defendant(s) if litigated as a tort case in an appropriate forum.

Exhibits SP-300, Part IX.C at 62-63 and SP-509 at 10. The number of extraordinary claims able to be selected will be capped at a certain percentage of total qualifying claims for each medical category. Exhibit SP-300, Part IX.E.l at 63-64; Rooney 2/28/94 Tr. at 235-37.

110. The “negotiated average value” figures for extraordinary claims set forth in the Compensation Schedule (Exhibit B) will be used to determine the fund of money that the Extraordinary Claims Panel has available to award every year. There is no fixed limit on the amount that may be awarded by the panel to any claim that it selects as extraordinary, but the total amount of money avail *281 able for such extraordinary claimants is capped, as indicated above. Exhibit SP-300, Part IX.E.2 at 64-65; Rooney 2/28/94 Tr. at 235-38.

111. Based on the foregoing findings of fact, and after reviewing the evidence on the record on this issue, the Court finds that the Extraordinary Claims Procedure, including the cap on the amount available for all extraordinary claims, is reasonable and fair to the class. There were no substantive objections to the Extraordinary Claims Procedure which the Court credits.

(4) Other Issue

112. The Objectors raised one final argument regarding the procedures for evaluating and paying claims under the Stipulation: that it is improper to include the identity of “plaintiffs’ counsel” in the list of factors to be considered in settlement offers under the individualized payment procedures. Part VIII.B.2 describes this factor to include “historical settlement values, jury verdicts, and judgments in comparable eases involving various plaintiffs’ counsel in that [appropriate] forum and in other jurisdictions.” Exhibit SP-301 at 6. This Court infers from the record that the “identity of counsel” factor means that the claim evaluator for CCR will consider the demonstrated skill, ability, talent and experience of a claimant’s counsel to assemble, understand and present the claim and the materials in support thereof and to fairly arrive at the settlement demand presented to CCR. This Court takes judicial notice of the fact that such considerations are endemic to all similar relations with attorneys making claims of any and all kinds.

113. Under Part VIII.B.2 of the Stipulation, however, this factor is only one of several factors to be weighed by the CCR in making settlement offers, and its importance will vary from claim to claim and over time. Fitzpatrick 2/24/94 Tr. at 86-87, 135-37. Furthermore, an individual claimant’s lawyer’s ability to litigate a claim before the Extraordinary Claims Panel under Part IX or in the alternative dispute resolution procedures under Part X of the Stipulation is relevant to the settlement offer that the claimant would receive from the CCR. Fitzpatrick 2/24/94 Tr. at 132-33, 126-27; Fitzpatrick 2/23/94 Tr. at 80-81. There is no suggestion that the “identity of counsel” factor will dominate substantive factors in the evaluation process.

114. In short, the Court finds that the reference to “plaintiffs’ counsel” in the list factors in Part VIII.B.2 is of minor significance and is reasonable based upon historically considered factors.

E. Alternative Compensation Procedures

115. Part X of the Stipulation provides a procedure whereby claimants with qualifying claims, who are not satisfied with the settlement offers they receive under the other procedures of the Stipulation, may have their claims resolved in the tort system or through binding arbitration. Exhibits SP-300, Part X at 67 and SP-509 at 15. Under Part X.A, however, there is a limit on how many qualifying claimants may make this election each year, which is a set percentage by medical category, 27 of the qualifying claims that were paid in that medical category during the previous year. Those claimants that wish to proceed to the tort system or to binding arbitration but who exceed this numerical limitation will have the first priority to have their compensation amount determined in this fashion in the next year. 28 Exhibit SP-301 at 6-7; Rooney 3/10/94 Tr. at 31.

*282 116. Part X.C provides that the only issues to be resolved in claims that proceed to the tort system or binding arbitration under Part X will be (a) “whether the exposed person has/had an asbestos-related disease or condition”; (b) whether exposure to asbestos products of a CCR defendant “was a substantial contributing factor in causing the ... condition;” and (c) “the amount of compensatory damages, if any, to be awarded.” Exhibit SP-300 Part X.C at 70. Thus, certain liability defenses may not be raised. In addition, Part X.C specifically provides that neither punitive damages nor damages for increased risk of cancer may be sought or recovered under this provision. Part X.C explains that the reason that damages for increased risk of cancer may not be recovered is that a claimant who recovers damages for a nonmalignant condition under this Part will have the right to present a claim for additional compensation for a malignant condition, if such a malignancy develops. Exhibit SP-300, Part X.C at 71-72.

117. Part X.D of the Stipulation explains that there is no limit on the amount of damages that may be awarded to a claimant who elects to have his or her compensation determined in this manner. To the extent, however, that the damages award exceeds 150% of the OCR’s last settlement offer, the excess will be paid over five years. SP-300, Part X.D at 72-73; SP-509 at 15.

118. The evidence at the fairness hearing established that the annual percentage limitations for claimants that may make the election under Part X of the Stipulation each year far exceeds the percentage of claims that have historically proceeded to verdict against the CCR defendants in the tort system. Fitzpatrick 2/22/94 Tr. at 130-32; Exhibit SP-217; Fitzpatrick 2/23/94 Tr. at 132-34; Exhibit SP-509 at 15. Also, testimony at the fairness hearing established that no judgment for punitive damages in an asbestos personal injury case has ever been entered against any of the CCR members in the almost six years that the CCR has been in existence. Fitzpatrick 2/22/94 Tr. at 130. This Court credits these documents and this testimony.

119. Based on the foregoing findings of fact, the Court finds that the Alternative Compensation Procedures in the Stipulation are factually reasonable and fair to the class and are fairly representative of the historical methods acceptable to claimants in the tort system.

F. Releases; Deemed Releases; Contribution and Indemnity Claims

120. Parts II and XII.B of the Stipulation provides that the procedures for attaining compensation under the Stipulation shall be the “exclusive remedy” for class members who have not excluded themselves from the class, and who wish to pursue claims for asbestos-related personal injury or damage against one or more of the CCR defendants. Exhibit SP-300, Part II at 10, Part XII.B at 77; Exhibit SP-509 at 2. Parts XII and XIII, in turn, generally deal with the subject of releases by class members, and the procedures concerning contribution and indemnity against the CCR defendants by the co-defendants. Exhibit SP-300, Parts XII and XIII at 75-82.

121. Part XII.D and E of the Stipulation provide that, upon approval of the Stipulation, class members in certain states “shall be deemed to provide each of the twenty CCR defendants with a Deemed Release.” Exhibits SP-300, Parts XII.D and E, at 78-79 and SP-509 at 16. The word “deemed” in the deemed release provision in the Stipulation is defined to mean simply that the Settling Parties have agreed that an order of this Court approving the settlement will have the effect of ordering or “deeming” releases to have been constructively given to the CCR defendants by the class members in enumerated states in exchange for the benefits provided to class members under the Stipulation. 29 Rooney 3/1/94 Tr. at 21-22; Exhibit SP-300, Part XII.A at 75.

*283 122. Parts XIII.D, E and F of the Stipulation provide that when a class member receives a compensation payment under the Stipulation, that class member shall provide to the CCR defendants a release “containing all provisions included in the CCR Defendants)’ customary release for the counsel representing the ... Class Member in the applicable jurisdiction.” Where no history of a prior negotiated release exists, the CCR and the class member’s counsel will negotiate the terms of the release or, if such negotiations fail, the CCR’s standard release for the jurisdiction will be used. Exhibit SP-300, Part XII.D, E and F at 78-80.

123. The Stipulation provides that certain entities in addition to the twenty named CCR defendants, so-called “Additional Releas-ee(s),” will be entitled to the same benefits as the CCR defendants under the Stipulation. Exhibit SP-300, Part I.A at 5. This provision was intended to cover only those entities that the CCR defendants have traditionally settled for and obtained releases, such as distributors of asbestos or asbestos containing products. Rooney 3/1/94 Tr. at 135-36; Fitzpatrick 2/23/94 Tr. at 115.

124. Under Part XII of the Stipulation, a class member is required to take certain steps if, in a lawsuit for asbestos-related personal injury that class member brings against non-CCR defendants, the non-CCR defendants assert claims for contribution or indemnity against a CCR defendant, and that CCR defendant has received an actual or deemed release fully protecting it against such contribution or indemnity claims. Specifically, Part XIII.A.1 provides that, in this limited situation, the class member “will move jointly” with the CCR defendants “for severance and continuance of the trial of such contribution or indemnity claims.” Exhibit SP-300, Part XIII.A at 81.

125. Certain non-settling asbestos manufacturers or suppliers, as Amici, have argued that these release and contribution and indemnity provisions unfairly prejudice their rights to contribution and indemnity against the CCR defendants.

126. Having reviewed the memoranda and evidence presented by the Amici this Court finds that no provision of the Stipulation is factually intended to or attempts to alter the rights of a non-settling asbestos manufacturer or supplier against the CCR defendants under applicable state law. It is clear that under the terms of the Stipulation, factually the parties intended that the rights of the other asbestos manufacturers or suppliers sued in the future that make claims against the CCR defendants will be determined under whatever state law may apply if and when claims for contribution or indemnity by the non-settling asbestos manufacturers or suppliers against the CCR defendants are asserted. Rooney 3/1/94 Tr. at 23; Fitzpatrick 2/24/94 Tr. at 103-04; Exhibit SP-509 at 16.

127. The credited evidence at the fairness hearing demonstrated to this Court that, in the tort system, third-party actions for contribution and indemnity are routinely severed from the plaintiffs main claim in the tort system. Rooney 3/9/94 Tr. at 240-41; Fitzpatrick 2/24/94 Tr. at 113. The credited evidence at the fairness hearing also demonstrated that the practical impact on the non-settling asbestos manufacturers or suppliers of the release and contribution and indemnity provisions of the Stipulation is likely to be *284 small. In the almost six-year history of the CCR, there have been only one or two times when a non-settling co-defendant has pursued to judgment a contribution or indemnity claim against a CCR defendant, or when the CCR defendants have pursued to judgment a similar claim against a co-defendant. Rooney 3/1/94 Tr. at 23.

128. Based on the foregoing findings of fact, this Court finds that the release and contribution and indemnity provisions in the Stipulation do not unfairly prejudice the rights of non-settling asbestos manufacturers or suppliers to contribution and indemnity against the CCR defendants.

G. Miscellaneous Provisions

(I) Right to Additional Compensation

129. Under Part XIV.B of the Stipulation, a class member who receives compensation for a non-malignant condition may submit a new claim, and receive additional compensation, if and when that class member develops a qualifying malignant condition. Exhibits SP-300, Part XIV.B at 83 and SP-509 at 17; Rooney 3/1/94 Tr. at 24.

130. Evidence was presented at the fairness hearing and credited by this Court supporting the Settling Parties’ contention that this “re-entry” or “automatic limited release” provision is of great benefit to class members. This credible evidence showed that, of the claims paid by the CCR defendants through the end of 1992, just over 90% of the claims were settled for “full” releases, whereby the claimant releases all claims for any future asbestos-related injury, including cancer. In the tort system, therefore, less than 10% of the claimants whose claims the CCR settled received the benefit of “limited” releases approaching or similar to the benefits provided to all class members under Part XIV.B of the Stipulation. Fitzpatrick 2/22/94 Tr. at 127; Rooney 2/28/94 Tr. at 196-97; Rooney 3/1/94 Tr. at 114; Exhibit SP-508. Thus, this Court finds that this benefit has significant value to the class.

(2) No Joint and Several Liability Among the Settling Defendants for Unpaid Claims

[II] 131. Part XVI provides that compensation payments to class members will be funded in accordance with the CCR defendants’ sharing agreement wherein each CCR defendant agrees to pay a fixed percentage share of the entire sum due on a settled claim, but recourse for each defendant’s obligations if its share remains unpaid under the Stipulation will be limited to that defendant. Exhibits SP-300, Part XVI at 86 (Exhibit C) and SP-509 at 18; Fitzpatrick 2/23/94 Tr. at 202-04. If any CCR defendant should default under the Stipulation, its terms provide that that CCR defendant would have to give notice of the default to class members, and class members who have not received compensation under the Stipulation would have the option of enforcing the defaulting CCR member’s obligations under the Stipulation, or asserting full rights in the tort system against the defaulting CCR member. Exhibits SP-300, Part XVI at 86-87 and SP-509 at 18.

132. Some Objectors and Amici have criticized the absence of joint and several liability in this provision on the ground that, in many states, judgments in the tort system are joint and several. But neither these Objectors or Amici offered any evidence that historically settlement agreements with multiple defendants provide for joint and several liability among the settling defendants. The clear implication is that each settling defendant is only responsible for its own share when a claim is settled in the tort system. In addition, several witnesses testified that, despite the principle of joint and several liability in many jurisdictions, most defendants have not picked up the share of a co-defendant who has become insolvent. Fitzpatrick 2/23/94 Tr. at 199; Rooney 1/10/94 Dep. at 182-83; Hatten 3/18/94 Tr. at 90-91. The Court credits this testimony.

133. Based on the foregoing and the healthy financial condition of the settling defendants (see FOF ¶¶ 142-70), this Court finds that the provision for no joint and several liability is reasonable and fair to the class, especially when there is de facto joint payment of the total sum agreed to be paid for all claims settled under the Stipulation.

(3) Withdrawal Rights

134. Although the Stipulation is a perpetual agreement, Part XXII of the Stipu *285 lation gives each CCR defendant the right to withdraw from the settlement at the end of ten years. Exhibits SP-300, Part XXII at 95 and SP-509 at 19; Fitzpatrick 2/23/94 Tr. at 202, 204. Under Part XXII, any withdrawing member would be obliged to give notice of the withdrawal to class members, and class members who have not received compensation under the Stipulation would have one year or more to exercise their full rights in the tort system against the departing CCR defendant. If any CCR defendant elects to withdraw at the end of ten years, Part XXII of the Stipulation provides that the Compensation Schedule would be adjusted at that time by the share of the withdrawing CCR member. Exhibits SP-300, Part XXII at 95-96 and SP-509 at 19; Rooney 3/1/94 Tr. at 25.

135. This Court observes that class members would have the full benefits of the settlement for ten years and retain their rights in the tort system thereafter since any withdrawing CCR member will have authorized suit against it. Based on the foregoing, and having reviewed the objections to this provision raised at the fairness hearing, the Court finds that the CCR defendants’ withdrawal rights are reasonable and fair to the class.

(4) Attorneys’ Fees

136. Under Part XIX, the CCR defendants will pay the attorneys’ fees incurred by Class Counsel in their role as Class Counsel, with the amount to be approved by this Court. Exhibit SP-300, Part XIX at 92. Any claimant who submits a claim for compensation under the Stipulation may proceed without an attorney or may be represented by his or her own attorney, including Messrs. Motley, Locks and Rice, if they so choose; provided, however, that, under Part XX, the fee that may be charged by such attorney will be limited to 25% of the compensation award received by the claimant (and 20% of any amount received by the claimant above the maximum award under the individualized payment procedures for that claimant’s medical category). Exhibits SP-300, Part XX at 93 and SP-509 at 20; Rooney 3/1/94 Tr. at 25-27.

137. Testimony at the fairness hearing demonstrated the benefit to claimants from the 20-25% limitation on attorneys’ fees under Part XX for representing an individual claimant seeking compensation under the Stipulation. This testimony reliably proved that the fee arrangements used by most plaintiffs’ attorneys in the asbestos litigation have provided for a 33-40% contingency. Hatten 3/18/94 Tr. at 33-34. Furthermore, the availability of counsel to class members, based upon traditional considerations, is improved when counsel are adequately compensated. This provision was negotiated by well-experienced lawyers who are obliged to consider the availability of counsel to the class members, and there were no persuasive objections to the stipulated rate of compensation.

138. Based on the foregoing, the Court finds that the provisions regarding attorneys’ fees in the Stipulation are reasonable and fair to the class.

(5) Annual Audit

139. Under Part XXIII, Class Counsel and a representative of the AFL-CIO will annually audit the disposition of claims under the Stipulation to ensure that the Stipulation is being administered fairly and in accord with its terms. Class Counsel and the AFL-CIO will have full access to the OCR’s records with respect to claims processed under the Stipulation for the purpose of that audit. Exhibits SP-301 at 8, SP-300, Part XXIII at 97 and SP-509 at 20; Rooney 3/1/94 Tr. at 27; Georgine 2/28/94 Tr. at 48-49, 103-04 (the AFL-CIO will be a “full participant” in monitoring implementation of the settlement).

140. Based on the foregoing, the Court finds that the provision for annual audits of the disposition of claims under the Stipulation, which includes the participation of Class Counsel and the AFL-CIO, is reasonable and fair to the class. 30

*286 (6) Operational Date

141. The CCR began operating to settle claims under the terms of the Stipulation on January 25, 1994—-which marked the end of the opt-out period. 31 Exhibit SP-300, Part XXVII at 102-03; Rooney 3/1/94 Tr. at 136.

H. CCR Defendants’ Ability to Meet The Financial Obligations Required by The Stipulation

(1) Overview

142. One issue related to fairness is whether the CCR defendants are likely to be able to meet their financial obligations under the Settlement. The Settling Parties presented two witnesses on this issue, Martha Wilke Murray and John H. Laeri, Jr., without objection as to qualification or the foundation for their opinions. 32

143. Ms. Murray testified concerning the sums the CCR defendants are likely to be required to pay (1) to pay claims brought under the Stipulation during the initial ten year period of the Stipulation, (2) to pay other asbestos personal injury claims that had been filed against the CCR defendants as of the end of 1993 but either had not been resolved or had not been completely paid (hereinafter the claims in this category will be referred to as “present claims and claims filed through 1993”), and (3) to meet expenses involved in disposing of both types of claims. Ms. Murray, also testified with respect to the insurance coverages which the CCR defendants have available to satisfy all or some of the above claims and expenses. Mr. Laeri gave his expert opinion as to whether each of the CCR defendants is likely to be able to meet its obligations under the Stipulation during the initial ten-year period of the Stipulation. Murray 3/11/94 Tr. at 141-296; Laeri 3/14/94 Tr. at 20-66; Laeri 3/15/94 Tr. at 3-93. This Court finds these factual subjects to be compellingly factually relevant to the determination of whether the Stipulation is fair to the class.

144. Objectors presented no testimony or other evidence indicating that the CCR defendants would not be able to pay the amounts required of them under the Stipulation. To the contrary, Frederick M. Baron, Esquire, on behalf of several Objectors, stated, with reference to the CCR defendants, that “these companies are not going bankrupt. They’re not insolvent. They’re in very good financial condition.” Baron 2/22/94 Tr. at 55. Nonetheless, it is the obligation of the Court to review and analyze the financial condition of the settling defendants.

(2) Mr. Laeri’s Initial Involvement in Matters Relating to the Stipulation

145. In late July, 1992, and later in August and September, 1992, while the Stipulation was being negotiated, Mr. Laeri was *287 approached by Gene Locks, one of the Class Counsel, and was asked to evaluate the ability of the CCR defendants to meet certain future obligations. Laeri 3/14/94 Tr. at 21-22. After various discussions with Mr. Locks and representatives of CCR, Mr. Laeri and Meadowcroft were ultimately retained on November 27, 1992. Laeri 3/14/94 Tr. at 22-27.

(3) The CCR Defendants’ Estimated Obligation to Compensate Claims Under the Stipulation

146. Ms. Murray developed a “worst case” scenario designed to estimate the maximum financial liability that the CCR defendants will have to meet under the Stipulation during the initial ten-year period of the Stipulation. 33 Ms. Murray generally assumed that the CCR defendants will have to pay the maximum amount possible on all claims brought under the Stipulation, and that compensation on all those claims will be due at the earliest date possible under the Stipulation. Murray 3/11/94 at 141-58; Exhibit SP-604(A).

147. Based on the above and footnoted “worst case” assumptions, Ms. Murray estimated that the total sum the CCR defendants will be obligated to pay in compensation to class members during the initial ten-year period of the Stipulation will be one billion two hundred and eighty-nine million dollars ($1,289 billion). Through the use of those assumptions, Ms. Murray also estimated the amount the CCR defendants will be obligated to pay in compensation in each year of that initial ten-year period. Murray 3/11/94 Tr. at 149; Exhibits SP-604(B) and SP-604(F).

148. Finally, Ms. Murray used the “Sharing Agreement” entered into by the CCR members to allocate among the members the compensation to be paid class members under the Stipulation (Exhibit C to the Stipulation) to determine the amount that each CCR defendant will have to pay of the $1,289 billion total and how much each CCR defendant will have to pay each year. Murray 3/11/94 Tr. at 147-48; Exhibit SP-604(F).

(4) The CCR Defendants’ Estimated Obligation to Compensate Present Claims and Claims Filed Through 1993

149. Ms. Murray also estimated the CCR defendants’ liability with respect to present claims and claims filed through 1993 and, based on the applicable “sharing agreement”, determined how that liability will be allocated among the different CCR defendants. Murray 3/11/93 Tr. at 150, 190-93; Exhibit SP-604(C).

150. With respect to claims as to which a settlement agreement has been entered into but full payment has not been paid, Ms. Murray valued the remaining liability on those claims based on the actual amounts that remained to be paid on them, and assumed that payments on these claims would be made at the agreed upon times. Murray 3/11/94 Tr. at 150, 154; SP-604(C).

151. With respect to claims as to which no settlement or other disposition had been reached, Ms. Murray, in conjunction with advice from OCR’s claims staff, valued those claims based on the averages that were expected to be reached on settlements proposed as of July 1993 considering OCR’s historical averages for settlements. Ms. Murray assumed that the amounts paid out in settlement of these currently unresolved claims will be paid in equal amounts over the next four years. Murray 3/11/94 Tr. at ISO-51, 154; SP-604(C).

*288 152. Based on these different assumptions, Ms. Murray estimated the total liability of all the CCR defendants for compensating all present claims and all claims filed through 1993 would be one billion six hundred and twenty-six million dollars ($1,626 billion). Murray 3/11/94 Tr. at 155.

153. Ms. Murray then allocated this $1,626 billion among the CCR defendants in accordance with the applicable “sharing agreement.” She also estimated the amount that each CCR defendant would have to pay each year to meet its obligation to compensate present claims and claims filed through 1993. Murray 3/11/94 Tr. at 152-54; Exhibits SP-604(C) and SP-604(E).

(5) The CCR Defendants’ Estimated Obligation to Pay Costs Involved in Disposing of All Claims

154. Ms. Murray also estimated the total costs of disposing of claims under the Stipulation during its initial ten-year period and present claims filed through 1993 to be three hundred and seventeen million dollars ($317 million), and determined what each CCR defendant’s liability for costs would be in each year of the initial ten-year period of the Stipulation based on the applicable “sharing agreement.” Murray 3/11/94 Tr. at 154-55, 157-58; Exhibit SP-604(C)-(F).

(6) The CCR Defendants’ Estimated Total Obligation and the Ten-Year Estimates Concerning the Payment of this Obligation

155. In sum, Ms. Murray estimated that the total cost to all the CCR defendants of resolving all claims under the Stipulation for the initial ten-year period and all present claims and claims filed through 1993 would be three billion two hundred million dollars ($3.2 billion) ($1,289 billion plus $1,626 billion plus $317 million). Murray 3/11/94 Tr. at 155; Exhibit SP-604(F).

156. In January 1993, Ms. Murray and Peterson prepared schedules for each CCR defendant indicating the total estimated amounts that each CCR defendant will have to pay in each year of the initial ten-year period of the Stipulation. These schedules were updated in July 1993. Murray 3/11/94 Tr. 141-43, 158; Exhibit SP-604(H).

(7) The CCR Defendants’ Insurance Coverages

157. Ms. Murray also determined and testified to her articulate reasoned analysis and conclusions regarding: (1) what insurance coverages will be available to each CCR defendant to meet that CCR defendant’s obligation to pay claims under the Stipulation; (2) present claims and claims filed through 1993; and (3) the costs for disposing of those claims. She also estimated to what extent insurance coverages of each CCR defendant will be used up in each year of the initial ten-year period of the Stipulation. She made these latter estimates by dividing the CCR defendants’ insurance coverages into certain categories 34 ánd applying the rules for the allocation of an asbestos producer’s insurance coverages set forth in the Wellington Agreement, an agreement among certain asbestos producers, including all the CCR defendants, and certain insurance companies which among other things provides, commitments for payment and agreements as to when insurance coverages will become payable. Murray 3/11/94 Tr. at 159-71; Exhibits SP-604(1) and SP-604(O).

158. Through the use of the Wellington rules and the different classifications, Ms. Murray was able to estimate not only what dollars of insurance coverages of each CCR defendant will be used in each year of the first ten years under the Stipulation, but also whether and to what extent excess coverages will be available to the CCR defendant in *289 each year. 35 Murray 3/11/94 Tr. at 165-67, 173.

159. In total, Ms. Murray estimated that of the three billion two hundred million dollars ($3.2 billion) necessary to pay claims under the Stipulation, present claims and claims filed through 1993, and the costs for resolving those claims, slightly in excess of two billion dollars ($2 billion) in insurance coverage by non-bankrupt insurers is available to pay those claims and costs, 36 and the remaining one billion two hundred million dollars ($1.2) billion will have to be paid by the CCR defendants themselves. Murray 3/11/94 Tr. at 161-62, 168-70; Exhibits SP-604(1) and (L).

160. Ms. Murray and Peterson also prepared and presented at the fairness hearing, schedules showing the insurance coverages, allocated by the categories of insurance companies and by insurance company and amount, that will be available to fund each CCR defendant’s obligation to pay claims under the Stipulation, present claims and claims filed through 1993, and the costs for disposing of such claims. Those schedules also indicate the amount that each CCR defendant will itself have to pay, which is referred to as the “Non-Insurance Allocation” or “NIA.” These insurance schedules were also originally prepared in January 1993, and then were updated in over the course of 1993. Murray 3/11/94 Tr. at 141-43, 171-74; SP-604(0). The Court has studied these schedules during the fairness hearing and since.

(8) The Likelihood That The CCR Defendants Can Meet Their Obligations Under the Stipulation

161. Before determining whether the CCR Defendants can meet their obligations under the Stipulation, Mr. Laeri or others at Meadowcroft: (1) received analyses and schedules from Peterson demonstrating the CCR defendants’ obligations under the Stipulation (allocated by year), the CCR defendants’ obligations to pay present claims and claims filed through 1993, the costs for resolving those claims, the insurance coverages available to the different CCR defendants (allocated by insurance company, amount, and the categories of “Signatory,” “Resolved Non-Signatory,” and “Other Non-Signatory”) and each CCR defendants’ “Non-Insurance Allocation” (Laeri 3/14/94 Tr. at 29-31, 33, 36-37; Murray 3/11/94 Tr. at 171-172; Exhibit SP-602); (2) met face-to-face with four of the five CCR defendants with the largest obligations, and spoke by phone with the fifth CCR defendant, to obtain information about those companies and their financial conditions 37 (Laeri 3/14/94 Tr. at 27, 34-35); (3) received letters from each CCR defendant in which the respective CCR defendant represented that it did not believe that claims against it other than asbestos personal injury claims would materially adversely affect the insurance coverages available to the CCR defendant to pay claims under the Stipulation during its initial ten-year period, that it did not believe that the Stipulation obli *290 gations would render it insolvent as of the date of execution of the Stipulation, and that it also expected to have sufficient resources available to pay its Non-Insurance Allocation (Laeri 3/14/94 Tr. at 34, 36-37; Exhibit SP-603).

162. On January 14, 1993 (the date the settlement was finalized for presentation to the Court) based on a preliminary review of the information it had received and the research it had conducted to that date, Mr. Laeri informed Class Counsel that “it is Meadowcroft’s present opinion that the CCR Members can be reasonably expected to meet” their obligations under the Stipulation during the initial ten-year period. Laeri 3/14/94 Tr. at 34, 40-41; Exhibit SP-401.

163. Throughout 1993, Mr. Laeri and Meadowcroft continued to receive extensive, updated information from Peterson concerning the CCR defendants’ total obligations. In this connection, Peterson provided Mea-dowcroft revised and updated versions of the schedules Meadowcroft had relied upon for its preliminary opinion. See Exhibits SP-604(A) through SP-604(O). Mr. Laeri and Meadowcroft worked very closely with Peterson to understand the data that Peterson provided and constantly retested that data to confirm that it was reliable. Murray 3/11/94 Tr. at 143, 145, 174; Laeri 3/14/94 Tr. at 31.

164. Through much of 1993, Mr. Laeri and Meadowcroft also did very complex anal-yses to examine the possibility that one or more of the insurance carriers providing coverages to the CCR defendants might become insolvent during the initial ten-year period of the settlement by determining the ratings that Standard and Poor’s and Moody’s and A.M. Best gave the insurance companies and by determining how many defaults there were among insurance companies with those particular ratings. Laeri 3/14/94 Tr. at 33-34, 38-39, 42-44; Laeri 3/15/94 at 28-36; Exhibits SP-428 and SP^430. Based on the ratings and the projections, Mr. Laeri and Meadowcroft reduced to some extent the insurance coverages that were available to the CCR defendants and increased the estimated amount that the CCR defendants will have to pay themselves under the Stipulation. Laeri 3/14/94 Tr. at 38-39, 42-44; Laeri 3/15/94 at 26-36.

165. Through 1993, Mr. Laeri and Mea-dowcroft did a comprehensive due diligence analysis of those CCR defendants as to which they considered such an analysis necessary. Laeri 3/14/94 Tr. at 39, 64^65 (discussing what the analysis entailed). Mr. Laeri and Meadowcroft also did an extensive overview of each CCR defendant which included analyzing its business, reviewing its historical financial results, comparing it to a peer group of comparable companies to determine how it would be valued based on such a comparison, and using historical financial results and projections for the future to determine its value based on them. Laeri 3/14/94 Tr. at 65-66; Exhibits SP-403 through SP-419.

166. Mr. Laeri and Meadowcroft applied four separate tests to the information they obtained about each CCR defendant to determine whether it would be able to meet its obligation under the Stipulation during the initial ten-year period it was in effect. The tests compared, in different ways, the present value of each CCR defendant to its Non-Insurance Allocation, and examined whether, in each of the first ten years, the CCR defendant would generate enough cash from its business to meet both the amount of the Non-Insurance Allocation estimated to be due from it that year and its other obligations. These tests were relevant because if a CCR defendant could not in a given year meet its NIA for the year and its other obligations from the cash generated by its business but its value was several times greater than its total NIA, it could reasonably be assumed that it could borrow against value, sell an asset, or sell part of the equity in the company to meet the shortfall in a particular year. In applying these tests, Mr. Laeri and Meadowcroft made a point of being conservative in making estimates and projections. Laeri 3/15/94 Tr. at 14-23; Exhibits SP-403 through SP-419 (explaining the application of the four tests).

167. With respect to each of the CCR defendants, Mr. Laeri and Meadowcroft prepared an extensive report setting forth much of the relevant information they had obtained *291 about that CCR defendant and explaining the results of their research and analysis concerning that CCR defendant. These reports were submitted and received into evidence as Exhibits SP-403 through SP-419, and considered by the Court in the fairness analysis. Laeri 3/14/94 Tr. 49-50. 38

168. In these reports, Mr. Laeri and Meadowcroft rated each of the CCR defendants in terms of the likelihood that it will meet its obligations under the Stipulation during the initial ten-year period. Eleven of the CCR defendants, with a combined Non-Insurance Allocation of three hundred twenty-five million one hundred thousand dollars ($325.1 million), were rated “highly probable” in terms of the likelihood of their meeting those obligations. Eleven CCR defendants, with a combined Non-Insurance Obligation of one million ninety-eight thousand six hundred dollars ($1.0986 million), were rated as “very probable” to meet those obligations. And the remaining two CCR defendants, with a combined Non-Insurance Allocation of only four hundred thousand dollars ($400,-000), were rated “probable” in terms of the likelihood that they would meet the obligation. The “highly probable” rating was assigned when there was only a two percent (2%) chance that the CCR defendant involved would default on its obligations under the Stipulation, the “very probable” rating was assigned when there was only a five percent (5%) chance of default, and the “probable” rating was assigned when there was a twenty-five percent (25%) chance of default. Laeri 3/15/94 Tr. at 42-43; Exhibits SP-403 through SP-419.

169. It is also Mr. Laeri’s opinion that the Stipulation itself will, if approved, significantly enhance the financial condition and prospects of those CCR defendants with large Non-Insurance Allocations because it will remove “uncertainty which adversely affects these companies’ ability to access the capital markets, to raise debt in equity, or to attract people, or to compete in the market-place____” Laeri 3/15/94 Tr. at 44-46. Mr. Laeri believes that the resulting improvement in these CCR defendants’ financial condition and prospects will benefit “everyone,” specifically including “claimants who are hoping to be paid in the future.” Id. In a February 18, 1994 letter to Class Counsel, Mr. Laeri gave his final opinion concerning the likelihood that the CCR defendants will be able to meet their obligations under the settlement during the initial ten-year period of the Stipulation. In that letter, he stated that to the best of his and Meadowcroft’s “knowledge and belief,” all of the CCR defendants “should reasonably be expected” to meet their obligations under the Stipulation during that ten-year period. Laeri 3/14/94 Tr. at 51-52; Exhibit SP-420. This Court credits the uncontradicted testimony of Mr. Laeri. 39

170. Based on the foregoing findings of fact and the compelling evidence presented by the Settling Parties, this Court finds that all the CCR defendants will be likely to meet their obligations under the Stipulation during the initial ten-year period. 40

I. Benefíts to Non-impaired Claimants

171. The Objectors claim that the settlement is unfair because under the Stipulation, non-impaired class members, i.e., those who do not presently meet the medical criteria for compensation, will not receive any cash compensation unless and until they meet the medical criteria. These class members in the tort system have traditionally received *292 modest cash settlements, often having to give up all future rights by general releases. Under the Stipulation, however, the non-impaired class members will receive the following benefits:

a. The statute of limitations and timeliness defenses for all class members whose claims were not time-barred as of January 15,1993 will be waived. Rooney 3/1/94 Tr. at 63; Fitzpatrick 2/23/94 Tr. at 113; SP-300, Part VI.A at 49.

b. If and when non-impaired class members file qualifying claims, the claims will, in most eases, be resolved faster than they have been in the tort system. Rooney 3/1/94 Tr. at 66-68, 70-71; Hatten 3/18/94 Tr. at 25-25.

c. Transaction costs (including attorneys’ fees) will be lower than in the tort system. Hatten 3/18/94 Tr. at 23-24.

d. The defenses to liability will be waived, and the CCR defendant have agreed to pay all claims that qualify for compensation. Rooney 3/1/94 Tr. at 68, 70-71; Fitzpatrick 2/23/94 Tr. at 116-17; Hatten 3/18/94 Tr. at 22-25.

e. Non-impaired class members will have some assurance that there will be funds available if and when they get sick as this Court has found that each CCR defendant has shown an ability to fund the payment of all qualifying claims under the Stipulation. Fitzpatrick 2/23/94 Tr. at 116; Hat-ten 3/18/94 Tr. at 23, 39; Rooney 3/1/94 Tr. at 70-71; see FOF ¶¶ 142-170.

f. If and when a class members develops a qualifying non-malignant condition, they may file a claim under the Stipulation without forfeiting their right to file a subsequent claim if they develop a qualifying malignant condition. Exhibit SP-300, Part XIV.B; Fitzpatrick 2/23/94 Tr. at 26, 116; Rooney 3/1/94 Tr. at 70. In other words, class members are not required to give the CCR defendant a full release if they receive compensation for a qualifying non-malignant condition. Fitzpatrick 2/23/94 Tr. at 90; Fitzpatrick 2/22/94 Tr. at 127; Hatten 3/18/94 Tr. at 21-22.

172. This Court finds that the group of benefits offered to non-impaired class members has significant value. Non-impaired class members will no longer be forced to file premature lawsuits or risk their claims being time-barred. Fitzpatrick 2/23/94 at 90; Hat-ten 3/18/94 Tr. at 21-22, 113-14. Second, if and when class members do become sick, they will not have to suffer the uncertainties, long delays and high transaction costs of the tort system. Third, the waiver of the defenses under the Stipulation is a significant benefit because there are approximately a dozen CCR defendants who have, to date, been held not liable under negligence or strict liability principles in an asbestos case. Fitzpatrick 2/22/94 Tr. at 130; Hatten 3/18/94 Tr. at 22-24. Fourth, while many companies that have appeared financially healthy have filed for bankruptcy protection in the face of many asbestos lawsuits, this Court has found that the CCR defendants are able to fund the payment of claims under Stipulation. Hatten 3/17/94 Tr. at 39; see FOF ¶¶ 142-170. Finally, under the Stipulation, qualifying claimants with a non-malignant condition do not have to chose between filing now or waiting to see if they develop a more serious malignant condition. This is in marked contrast to the current tort system, where non-impaired claimants usually settle their claims for small amounts and a full release of all claims for any future asbestos-related injury, including cancer. Fitzpatrick 2/23/94 Tr. at 90; Fitzpatrick 2/22/94 Tr. at 127; Hatten 3/18/94 Tr. at 21-22. See also Wages 3/16/94 Tr. at 260. This is especially important given the uncon-tradicted testimony of two medical experts that eui’rently non-impaired class members are likely to develop more serious asbestos-related medical conditions, such as lung cancer or mesothelioma. Roggli 3/9/94 Tr. at 62-63; Oliver 3/14/94 Tr. at 205-06. See also Vogt 2/24/94 Tr. at 147,155-57; Vogt 1/12/94 Dep. at 18-19, 28-29; Annas 2/24/94 Tr. at 237-39, 245-46, 262, 271-73; Annas 1/14/94 Dep. at 53; Georgine 2/28/94 Tr. at 51, 52, 58, 90-91, 165-66; Georgine 1/27/94 Dep. at 94-95; Baumgartner 1/6/94 Dep. at 32-34, 50, 53, 69-70, 85-86, 93-94; Murphy 1/6/94 Dep. at 108-09,112,117-18; Raver 1/11/94 Dep. at 83, 115 (these representative plaintiffs testified, and the Court credits their testimony, that, in their view, the Stipulation offers sig- *293 nifieant non-monetary value to non-impaired class members).

173. The Objectors argue that the Stipulation offers claimants with non-impairing asbestos-related conditions the same benefits that such claimants would receive under “green card” settlements with the CCR defendants, and that the CCR defendants have offered such “green card” settlements to any claimant who wanted one for several years. E.g., Fitzpatrick 2/23/94 Tr. at 87-89. Thus, the Objectors’ argument runs, the Stipulation offers no advantages to non-impaired claimants that were not already available to such claimants from the CCR defendants under the existing tort system. Id.

174. Although both “green card” settlements and the Stipulation provide for the deferral of claims of non-impaired individuals until certain objective medical criteria are satisfied, this Court finds that the benefits offered to non-impaired class members by the Stipulation are far more than those offered by “green card” settlements. Unlike “green cards”, the Stipulation provides for a waiver of the statute of limitations, and guaranteed payment through an administrative procedure if and when a claimant develops a qualifying condition. Furthermore, once a claimant develops a qualifying condition, the Stipulation offers faster compensation, lower transaction costs, and a limited release if a claimant were to subsequently develop a qualifying malignant condition. Rooney 3/1/94 Tr. at 54-55, 58, 63-64, 66, 68, 70-72, 129-30, 155; Fitzpatrick 2/22/94 Tr. at 121; Fitzpatrick 2/23/94 Tr. at 26, 113, 116-17; Hatten 3/18/94 Tr. at 24. See also Exhibits SP-300, Part VI at 49 and SP-510(B) at 2-3.

175. The Objectors have also argued that the benefits offered non-impaired claimants under the Stipulation are not meaningful because few, if any, of these claimants will become sick and qualify for cash compensation. The Court credits the uncontradicted testimony of two medical experts in finding that currently non-impaired claimants are likely to develop more serious asbestos-related medical conditions, such as lung cancer or mesothelioma. Roggli 3/9/94 Tr. at 62-63; Oliver 3/14/94 Tr. at 205-06.

176. In sum, this Court finds that the group of benefits offered to non-impaired class members has significant value in that it gives each such class member the security of knowing that if and when they become impaired due to asbestos exposure, they will receive payment without having to suffer the delays, expense and uncertainty of the current tort system and will retain the right to re-enter the claims process a second time if he or she contracts cancer or mesothelioma. The Objectors’ arguments to the contrary are unpersuasive.

IV. ADEQUACY OF CLASS COUNSEL

177. In considering whether it is appropriate to enter a final class certification order under Rule 23 and whether to approve the settlement negotiated on behalf of the class, this Court must evaluate the conduct and adequacy of Class Counsel. The following constitute the Court’s findings of fact as to this issue.

A. Selection, Qualifications, and Conduct of Class Counsel

178. In or around November 1991, it became clear to the CCR defendants and Class Counsel that settlement negotiations in the MDL proceeding would not produce a global agreement among all plaintiffs and all asbestos defendants nationwide. See FOF ¶ 33-35. Thus, CCR concluded that it wanted to pursue individual global settlement negotiations on its own behalf. See FOF ¶ 35. To that end, CCR approached Mr. Motley and Mr. Locks in late 1991. Fitzpatrick 2/22/94 Tr. at 117.

179. At the time, CCR was aware that Mr. Motley and Mr. Locks had been appointed by Judge Weiner in the MDL proceedings as the co-chairpersons of the Plaintiffs’ Steering Committee. Fitzpatrick 2/22/94 Tr. at 99. By this time, Mr. Fitzpatrick had been discussing possible solutions to the asbestos crisis with Mr. Motley for many years. See FOF ¶¶ 22, 31; Fitzpatrick 2/22/94 Tr. at 78, 86-87, 99-100, 114. And CCR was aware that the law firms of Ness, Motley and Greit-zer and Locks had played prominent roles in representing thousands of asbestos victims in various national proceedings. Fitzpatrick 2/22/94 Tr. at 117. Indeed, the experience of *294 Messrs. Motley, Locks and Rice was recognized by the Honorable Robert M. Parker in the United States District Court for the Eastern District of Texas. Order Provisionally Certifying Class for Settlement Purposes at 3 in Ahem v. Fibreboard Corp., No. 93-526, (E.D.Tex. Sept. 9, 1993).

180. Messrs. Motley and Rice’s law firm, Ness, Motley, was widely known by those involved in asbestos litigation, including CCR, to represent more asbestos victims either directly or through co-counsel networks than any other law firm in the country. They had been involved in all the major events in the asbestos litigation, including consolidated trials, the Linscomb class action, and the major bankruptcies. Mr. Motley had served for the past 20 years as Chair of the Asbestos Litigation Group, a national organization of plaintiffs’ counsel involved in asbestos litigation. Hatten 3/17/94 Tr. at 26-27.

181. It was known to CCR that Mr. Motley had played a significant role in the Man-ville bankruptcy proceeding and in other bankruptcy proceedings involving former asbestos manufacturing companies. He had been active in congressional efforts to enact legislation to remedy the problems posed by the asbestos litigation. He was very active in representing unions whose members were occupationally exposed to asbestos and asbestos-containing products over the years. Fitzpatrick 2/22/94 Tr. at 117-18.

182. It was known to CCR that Mr. Locks also had played a prominent role in various national matters for asbestos victims. Fitzpatrick 2/22/94 Tr. at 117. In addition, Mr. Locks was actively involved in the Man-ville bankruptcy proceeding, as well as the Unarco bankruptcy proceeding. Further, Mr. Locks served as Chairman of the Board of UNR. Fitzpatrick 2/22/94 Tr. at 118.

183. Mr. Rice’s prominence, competence and skill was also recognized when he was appointed Class Counsel by Judge Parker in the recent settlement class action involving pending asbestos claims against one asbestos defendant, Fibreboard. Ahern v. Fibreboard Corp., No. 93-526, Order Provisionally Certifying Class for Settlement Purposes at 3 (E.D.Tex. Sept. 9, 1993).

184. This Court finds that Messrs. Motley, Locks and Rice are highly respected for their skills and experience in the asbestos litigation and had and have the knowledge and credibility necessary to negotiate on behalf of future asbestos victims in any global settlement effort. This Court also finds that CCR commenced negotiations with Class Counsel based on their reputation and experience in the asbestos litigation. There is no suggestion in the exhaustive discovery and litigated record that CCR executives or attorneys met and decided to “choose” plaintiffs’ counsel with the largest inventory of unsettled claims in order to facilitate a global settlement by creating an atmosphere of collusion. That never happened.

B. Conflict of Interest

(1) Settlement of Present Cases and Future Claims

185. During the first two years of CCR’s existence, in 1989-90, CCR entered into a number of block or “inventory” settlements. Fitzpatrick 2/23/94 Tr. at 64-65. The CCR settlement philosophy at that time was to work ambitiously to settle large numbers of pending claims. Id. at 144, 148-49. CCR, however, determined that it would no longer pursue this ambitious settlement effort, after finding that the settlement strategy was not diminishing the number of pending claims. Fitzpatrick 2/23/94 Tr. at 144.

186. In 1991, CCR continued to make some settlements that were not trial driven. Fitzpatrick 2/23/94 Tr. at 148-49. In general, however, CCR determined to continue to make inventory settlements only if it could obtain some kind of protection for the future. Id. at 144, 148-49.

187. During the period of the MDL global settlement negotiations in 1991, CCR’s position was that it was not prepared to agree to “inventory settlements,” unless the plaintiffs’ bar was willing to work with CCR and the courts for the establishment of pleural registries. 41 Fitzpatrick 2/23/94 Tr. at 146, *295 161, 191-92. In August 1992, for example, a regional settlement of the asbestos eases pending in New England was reached and, as part of that settlement, the plaintiffs’ counsel agreed to support the entry of mandatory pleural registries in the applicable jurisdictions. Fitzpatrick 2/22/94 Tr. at 128.

188. CCR, however, reached the conclusion that its concerns about the filing of pleural claims, by persons with little or no impairment, could not be successfully addressed by pursuing pleural registries. First, there was opposition in many quarters from the plaintiffs attorneys to such pleural registries. Fitzpatrick 2/22/94 Tr. at 123. The opposition was based in part on the desire to receive immediate cash compensation and in part on the lack of funding for the registries to ensure that companies would still be viable if and when a pleural claimant became impaired and moved off the registry. Id. at 123-24. In addition, this Court finds that CCR reasonably concluded that pleural registries were unsatisfactory unless a national pleural registry could be established, because it would be difficult for plaintiffs in one state to defer their claims if plaintiffs in other states would not be subject to deferral. Id. at 124.

189. Sometime in or around May or June of 1992, CCR negotiators came to believe that the class action settlement negotiations, which ultimately led to the filing of this lawsuit, were likely to result in an agreement. This belief was based upon the progress of the negotiations with Greitzer and Locks, although major components of the settlement including negotiation of the medical criteria and examination of the CCR defendants’ financial ability to pay had not been completed. Rooney 2/28/94 Tr. at 202-03, 211; Laeri 3/14/94 Tr. at 21-24.

190. CCR had, for some time, been looking for a rational way of dealing with the entire asbestos problem, both pending and future cases. CCR communicated to Mr. Motley, Mr. Rice, and Mr. Locks that once the CCR defendants “believed that there was some rational way of dealing with the futures [claims], that [they] were prepared to address the settlement of pending cases.” Rooney 2/28/94 Tr. at 202. This Court finds that, indeed, once it was probable to the CCR negotiators that the negotiations would be successfully concluded for a class action settlement, CCR began to negotiate inventory settlements without a pleural registry. Id. at 202, 225; Fitzpatrick 2/23/94 Tr. at 66.

191. During the summer of 1992, CCR and Greitzer and Locks began negotiations for the settlement of currently pending claims. Included in the Greitzer and Locks inventory settlements were 3922 claims representing cases then pending in New York, Pennsylvania, Kentucky, New Jersey, Virginia, Indiana, Ohio, Illinois, North Carolina, Tennessee, and Maryland. 42 The settlements included those cases that were filed, and a few cases that had not been filed but were sufficiently prepared such that filing was imminent. Rooney 2/28/94 Tr. at 201, 207; Exhibit SP-302C.

192. During the period May-June 1992 when CCR commenced negotiating the Greit-zer and Locks inventory settlements, Ness, Motley was otherwise engaged trying a large consolidated trial, where CCR defendants were involved, in state court in Baltimore, Maryland. Rooney 2/28/94 Tr. at 177-78; Rooney 3/1/94 Tr. at 76. Ness, Motley did not re-enter the global negotiations which resulted in this class action until late summer or fall of 1992. Rooney 2/28/94 Tr. at 178.

193. Sometime in late September or early October 1992, CCR began negotiating with Ness, Motley to settle their pending inventory of cases. Rooney 2/28/94 Tr. at 203. In November 1992, these negotiations resulted *296 in an agreement in principle to settle 450 Ness, Motley cases pending in South Carolina and 9834 cases with Ness, Motley affiliated counsel located primarily in the states of West Virginia, Illinois, and Georgia. Id. at 204; Exhibit SP-302A.

194. These Ness, Motley inventory settlements, similar to the Greitzer and Locks settlements, included all cases pending in the jurisdictions as of November 1992, and a few unfiled cases that were ready to be filed as of that date. Rooney 2/28/94 Tr. at 207-08.

195. The inventory settlement agreements with Class Counsel did not provide for immediate compensation to all claimants. Rather, these agreements provided for a schedule of payments over a number of up to five years. Rooney 2/28/94 Tr. 205; Exhibits SP-302A and SP-302C.

196. In addition to inventory settlements with Greitzer and Locks and Ness, Motley, CCR settled approximately 9,000-10,000 cases prior to the filing of this class action, with other law firms, not affiliated with Class Counsel, under the same or similar provisions. Rooney 2/28/94 Tr. at 204.

197. The evidence in the record reflects, and this Court finds, that, in 1992, it was the CCR’s policy not to settle pending cases without some protection for the future. With the negotiation of the settlement in this class action, CCR was exploring a different way to resolve the burgeoning number of asbestos claims, that is a different way of providing some protection for the future. The asbestos bar and the MDL Court were well aware of the CCR settlement policy. Fitzpatrick 2/23/94 Tr. at 161; Mem.Op. and Order, Dkt. No. 292 (Apr. 15, 1993) (Weiner, J.) at 6. The evidence in the record also reflects, and this Court finds, that Class Counsel did not enter into the Georgine negotiations for the purpose of settling their pending cases.

198. Moreover, the evidence reflects, and this Court finds, that the settlement of the inventory cases was not conditioned upon an agreement being finally reached in Georgine. It is clear on the face of the inventory settlement agreements, that if the Stipulation of Settlement had not been concluded after the negotiation of the inventory settlements, the inventory settlements nevertheless remained in full effect. Rooney 3/1/94 Tr. at 102-03.

199. This Court finds that in negotiating the inventory settlements for them present clients and the Georgine Stipulation for the futures class, Class Counsel and CCR bargained vigorously and at arms-length. The settlements reached for both groups of claimants were not negotiated against each other, and Class Counsel worked diligently to negotiate what they considered to be the best possible settlements achievable for each group of claimants. See, inter alia, Rooney 2/28/94 Tr. at 177-200, Fitzpatrick 2/23/94 Tr. at 184-85; Exhibit SP-300 (the fairness of the medical criteria and the compensation procedures is evidence of the adequacy of Class Counsel).

200. The Objectors argue that the simultaneous representation of present and future claimants by Class Counsel constituted an impermissible conflict of interest. They offered Professor Roger Cramton as an expert witness on this issue. Professor Cramton is the Robert Stevens Professor of Law at Cornell University and former Dean of the Law School. He is a co-author with Professor Geoffrey Hazard, one of the Settling Parties’ ethics experts, of the textbook The Law and Ethics of Lawyers. He has published numerous articles on the legal profession and legal education and has experience teaching legal ethics. Cramton 3/15/94 Tr. at 94-102; 0-67. Professor Cramton, however, has no asbestos litigation experience, or any litigation experience, and has had no experience as a lawyer or expert in mass tort cases. Cramton 3/15/94 Tr. at 189-90; Cramton 3/16/94 Tr. at 78.

201. Professor Cramton testified that, in his opinion, the concurrent representation of a very large number of present clients, whose asbestos cases Class Counsel wanted to settle, while negotiating on behalf of what became the Georgine class presented an impermissible conflict of interest under Model Rule 1.7(b) of the ABA Model Rules of Professional Responsibility. Cramton 3/15/94 Tr. at 108, 112-15, 213, 216. The Court rejects Professor Cramton’s conclusion as to the existence of an impermissible conflict of interest because: (1) he lacks of expe *297 rience in mass tort cases,

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