House Judiciary Committee Passes Asbestos Bankruptcy Settlement Trust Disclosure Legislation

WASHINGTON, D.C. –– The House Committee of the Judiciary has passed legislation aimed at reducing fraud in the asbestos bankruptcy trust system by a vote of 19 to 9.

The Committee passed H.R. 526, the Furthering Asbestos Claim Transparency Act (FACT Act), on May 14 after a consideration and mark-up session was held.

Blake Farenthold (R-Texas) introduced the legislation in the House of Representatives on Jan. 26.

In a statement released at the time, 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 …