Environmental and asbestos liability reserves will remain on the back burner as a major concern for a few years, according to a new report from an investment bank.

Morgan Stanley analyst William Wilt wrote in his five-year update on reserving issues that as for asbestos, the combination of "massive" reserve charges and new legal trends "have relegated the issue to the back of the stove for at least the next couple of years as we see it."

While the issue may arise sooner for environmental liabilities, nothing is imminent.

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