Victims of asbestos poisoning need help. So do companies with little, or even no, role in asbestos contamination that are being bankrupted by litigation.

Legislation in the U.S. Senate would provide relief by creating a federally run trust fund that would compensate victims for their exposure, protect businesses from uncertainty and make sure that only responsible companies are made to pay.

As it stands, the asbestos litigation system is badly flawed. Some victims have been able to win large awards while others see their cases drag on indefinitely. The sickest, often suffering with mesothelioma, a fatal cancer, don’t always live long enough to see their day in court. By creating a trust fund, those in need could get financial help more quickly.

The bipartisan compromise, introduced last week by Sens. Arlen Specter and Patrick Leahy, would create $140 billion fund, paid for by businesses and insurance companies that could face claims.

Under the legislation, cancer victims would receive $1.1 million in return for giving up their right to sue. Other victims would receive between $600,000 and $850,000 depending on whether they smoke and how sick they are.

For some, the awards are less then they might win by suing. But the trust fund would replace an inequitable and unpredictable system with one that guarantees help for people who need it.