March 8, 2018

Dubious Distribution: Asbestos Bankruptcy Trust Assets and Compensation

Sens. Thom Tillis, Chuck Grassley, and John Cornyn introduced the PROTECT Asbestos Victims Act yesterday to provide “much-needed oversight of asbestos bankruptcy trusts to ensure victims receive just compensation.”

Sen. Grassley, the chairman of the Senate Judiciary Committee, said the bill would “ensure that the trust fund is not syphoned away from the victims it was intended to help.” It would give the U.S. Department of Justice oversight authority to investigate fraud against asbestos trusts, which it currently does not have. Sen. Tillis said “adding in layers of oversight, accountability and transparency” would help return the trusts to their original purpose: compensating “asbestos victims, not trial lawyers.”

The press release cites a Forbes article on “institutionalized fraud” in asbestos trusts as an example of how fraud drains the trusts of resources “potentially causing compensation for future victims to be reduced or unavailable altogether.”

News McDonald's Points To Recent Decisions As It Fights Lawyer On A Vanilla Crusade Class Action Litigation Money with gavel News In The News Today- January 21, 2021 News New Study: Over-Naming Is A Major Problem In W.Va. Asbestos Cases Asbestos News ICYMI: Australian Government Says Greater Oversight Of Litigation Funding Industry Needed International Initiatives News In The News Today- January 6, 2021 Class Action Litigation, Data Privacy
We Use Cookies to Make your Experience Better

What do we use cookies for?

We use cookies and similar technologies to recognize your repeat visits and preferences, as well as to measure the effectiveness of campaigns and analyze traffic. To learn more about cookies, including how to disable them, view our Cookie Policy. By clicking "I Accept" or "X" on this banner, or using our site, you consent to the use of cookies unless you have disabled them.