It is supported by some asbestos makers, as well as the National Association of Manufacturers.
The decision also leaves unresolved millions of current and future claims against many major asbestos makers.
Traditionally, the only way to consolidate the cases has been through the use of bankruptcy courts by asbestos makers who find their liability overwhelming.
One was a libel suit, the other an antitrust action and the third a wrongful death claim against an asbestos maker.
In 1997, the Justices threw out a $1.3 billion class action settlement that had been reached by 20 large asbestos makers.
He has lobbied to limit the liability of asbestos makers in damage suits.
Plaintiffs' lawyers and other asbestos makers who are co-defendants have said the trust has been mismanaged.
He sued asbestos makers on behalf of workers at the shipyard in his hometown, Pascagoula, who had developed lung diseases.
By some estimates, the ultimate liability of asbestos makers and users could exceed $10 billion.
It is operated independently of Denver-based Manville, a former asbestos maker.
