U.S. Chamber Commends Hearing on Crucial Legal Reform Legislation

WASHINGTON--(BUSINESS WIRE)--Lisa Rickard, President of the U.S. Chamber Institute for Legal Reform, made the following statement regarding today’s House Judiciary Committee hearing on the Furthering Asbestos Claim Transparency (FACT) Act (H.R. 982).

“The bipartisan Furthering Asbestos Claim Transparency (FACT) Act addresses this problem by requiring the trusts to file quarterly reports on their claims to the federal bankruptcy courts. This commonsense legislation would help discourage fraud and abuse in the asbestos compensation system.”

“For too long, asbestos bankruptcy trusts have operated without adequate oversight. Courts around the country have uncovered examples in which plaintiffs’ lawyers have filed inconsistent or fraudulent claims with multiple trusts and in the court system. This abuse shortchanges legitimate asbestos claimants while hurting solvent companies, their shareholders and employees.

“The bipartisan Furthering Asbestos Claim Transparency (FACT) Act addresses this problem by requiring the trusts to file quarterly reports on their claims to the federal bankruptcy courts. This commonsense legislation would help discourage fraud and abuse in the asbestos compensation system.

“We commend Representatives Farenthold and Matheson for introducing the FACT Act, as well as Chairman Goodlatte and the House Judiciary Committee for holding today’s hearing. We urge swift House and Senate passage of this important legislation.”