WASHINGTON, D.C. — Harold Kim, executive vice president of the U.S. Chamber Institute for Legal Reform (ILR), made the following statement about the introduction of the PROTECT Asbestos Victims Act of 2018 (S. 2564) by Senator Thom Tillis:
“This bill aims to help asbestos victims by curbing plaintiffs’ lawyers’ manipulation of the asbestos compensation system. Asbestos bankruptcy trusts largely operate in the shadows, and this lack of accountability has led to rampant, systemic abuse that threatens their ability to pay future claimants. This legislation will ensure impartial, meaningful oversight of the trusts, and will protect the integrity of the system.
“Without congressional action, plaintiffs’ lawyers will continue to file ‘double dip’ claims against the trusts and in the courts.”
“We applaud Sen. Tillis for introducing this important legislation, and urge both the Senate Judiciary Committee and full Senate to take it up.”
ILR seeks to promote civil justice reform through legislative, political, judicial, and educational activities at the national, state, and local levels.
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.