A first of its kind bill that would prevent “double dip” claims against asbestos bankruptcy trusts and in the tort system is currently on its way to Governor John Kasich for signature.
This is an enormous development as Ohio will be the first state to pass an asbestos bankruptcy trust law. ‘As Ohio goes, so goes the nation,’ and we hope this will result in a domino effect with other states passing legislation to ensure that the tort and trust systems work together fairly to compensate asbestos victims.
This bill, HB 380, will go a long way toward eliminating fraud in asbestos litigation, discourage ‘double dipping’ by plaintiffs’ lawyers, and ensure that companies and bankruptcy trusts both pay their fair share of recoveries to claimants. It will also help Ohio manufacturing companies and protect jobs by ensuring that companies are not bankrupted by fraudulent claims.
We commend House Speaker Pro Tempore Louis Blessing, Jr. for introducing this legislation, as well as Senate President Tom Niehaus, Senate Judiciary Chair Mark Wagoner, and Senator Bill Seitz for their leadership on this issue. We are hopeful that Governor Kasich will promptly sign this bill into law.