MN HF3380

Enacts the "Innocent Successor Asbestos-Related Liability Fairness Act" to limit asbestos liabilities for corporations that assume liabilities through mergers or consolidations before January 1, 1972.

Caps cumulative asbestos-related liabilities of an innocent successor corporation to the fair market value of the transferor's total gross assets at the time of merger or consolidation.

Establishes methods for determining fair market value of assets, including going-concern value, purchase price in arms-length transactions, or balance sheet values, with annual increases at the prime rate plus one percent.

Excludes from liability limitations workers' compensation benefits, claims that do not constitute successor asbestos-related liabilities, and National Labor Relations Act obligations or collective bargaining agreements.

Applies to all asbestos claims filed after enactment and pending claims where trial has not yet commenced, with prospective application for any provisions that would be unconstitutional if applied retroactively.