Asbestos Bankruptcy Settlement Trust Disclosure Legislation Introduced in House

WASHINGTON, D.C. –– Legislation aimed at reducing fraud in the asbestos bankruptcy trust system has once again been introduced for debate in the House of Representatives.

Blake Farenthold (R-Texas) introduced the H.R. 526, the Furthering Asbestos Claim Transparency Act (FACT Act), in the House of Representatives on Jan. 26.

In a statement, the legislator said that the “FACT Act reduces fraud in the asbestos bankruptcy trust system through increased transparency measures. These measures ensure that asbestos bankruptcy trusts have the tools to combat fraud, which limits funds available for asbestos victims. The FACT Act is a measured approach that strikes …