WASHINGTON, D.C. — Lisa A. Rickard, president of the U.S. Chamber Institute for Legal Reform (ILR), made the following statement today about the U.S. Senate Judiciary Committee holding a hearing on the need for bringing transparency to asbestos bankruptcy trusts:
“Earlier this year, the U.S. House of Representatives passed legislation to bring transparency to asbestos bankruptcy trusts, and we commend the Senate Judiciary Committee for exercising its oversight authority.
“The Furthering Asbestos Claim Transparency (FACT) Act (Section 3 of H.R. 1927) will reduce ‘double dip’ claims against asbestos bankruptcy trusts and in the tort system, by requiring the trusts to report quarterly on who files claims, while protecting individuals’ personal information just the same as the courts do. The bill also will help guarantee that asbestos trust funds are not drained by trial lawyer fraud.
“Currently, the trust’s lack of transparency and accountability has led to rampant and systemic abuse in the filing of claims that threatens their ability to meet the needs of future asbestos claimants. The FACT Act will ensure that real asbestos victims get the money they deserve, now and in the future.”
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.