The U.S. Senate Judiciary Committee discussed the Furthering Asbestos Claims Transparency (FACT) Act at a hearing yesterday titled “The Need for Transparency in the Asbestos Trusts,” Asbestos.com reported. The bill would require new, stiffer requirements for those seeking compensation from asbestos trusts. The Code established asbestos trusts to compensate victims of asbestos exposure. These trusts are worth an estimated $30 billion. Earlier this year, the FACT Act was folded into a larger proposal and renamed the Fairness in Class Action Litigation and Furthering Asbestos Claim Transparency Act of 2016 (H.R. 1927). The U.S. House of Representatives recently passed that version. Click here to watch a replay of the hearing and to obtain prepared witness testimony.
For further analysis of litigation trusts, be sure to pick up a copy of ABI’s A Practitioner's Guide to Liquidation and Litigation Trusts.
