fbpx
News
April 25, 2013

FACT Act Picks Up Steam

As Harold Kim blogged about last month, Congress is currently considering a vital piece of legislation — the Furthering Asbestos Claim Transparency (FACT) Act (H.R. 942) — that would address problems with federally-created asbestos bankruptcy trusts.

These entities, with assets estimated in excess of $36 billion, were established by companies forced into bankruptcy by asbestos litigation. Their goal is to compensate asbestos victims fairly and promptly.

As Harold posted about last month, however, the trusts’ “opaque operations” open the door to abuse:

A recent article in the Wall Street Journal revealed that an employee of a California law firm filed a claim with a trust in the name of someone who didn’t even exist.  Five weeks later, he received a $26,000 check from the trust. The same firm also filed trust claims on behalf of clients who were nurses. They allegedly were exposed to asbestos while chipping paint from boilers – not exactly a typical duty for nurses.

Thankfully, others are picking up on the need to enact this important legislation.

This morning, the Houston Examiner features a piece on the FACT Act:

Businesses and employees have already suffered through decades of harsh court battles, bankruptcies, companies closing their doors and people losing their jobs. Many of these have been right here in Houston and Southeast Texas. Congress has an opportunity to fix the problems with this system.

For more information on the FACT Act, we urge you to check out these additional links:

Arizona skyline Blog Arizona Governor Signs Law to Prevent Over-naming in Asbestos Lawsuits Asbestos Blog West Virginia Wants to Pay Jurors More---That’s a Good Thing Asbestos, Other Issues News California Asbestos Verdict Reversed; Wrong State's Laws Were Used Asbestos News In The News-June 11, 2021 Asbestos News NYC Asbestos Suits Packed with Blameless Defendants Asbestos

Cookie Notice

By clicking “I Accept”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

Cookie Notice

By clicking “I Accept”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Review Settings