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March 15, 2013

Asbestos “Double-Dipping” Gets Congressional Attention

Amid concerns of an increase in fraudulent asbestos claims, a House Judiciary subcommittee heard testimony on a proposal that would require asbestos bankruptcy trusts to provide more detailed information on payments to claimants, reports Bloomberg.  The trusts operate with little or no oversight, allowing claimants to file with the trusts then turn around and sue solvent companies with differing – or even contradictory – allegations. “For too long, asbestos bankruptcy trusts have operated without adequate oversight,” says ILR president Lisa Rickard. “Claimants go after trust money and then make different claims in lawsuits.”

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