Should the Asbestos Trust’s database of claimant information be an OPEN BOOK??? The Furthering Asbestos Claim Transparency Act of 2012 or FACT as it has become known (Officially H.R. 4369) was introduced on April 16, 2012 by Rep. Ben Quayle. This Act proposes to amend title 11 of the United States Code to require the public disclosure by trusts established under section 524(g) of such title, of quarterly reports that contain detailed information regarding the receipt and disposition of claims for injuries based on exposure to asbestos, and the filing of such reports with the Executive Office for United States Trustees.
In a statement released by Mr. Quayle following the release of FACT he claims:
“by requiring the trusts to operate transparently, Congress can deter further abuse and preserve the trusts’ assets for truly needy and sick victims of asbestos exposure”.
Those who are already inundated by the red tape of bankruptcy filings say this is just another attempt to discourage and prevent those “sick victims of asbestos exposure” from receiving just compensation in a fair and timely manner. Additionally, the dissemination of submitted information, as well as disclosing settlement amounts, trample on the individuals right to privacy. Moreover claims of abuse and fraud within the bankruptcy trust are unfounded.
There have been some efforts at the state level to bring more transparency to the trusts’ operation. At least two states have proposed similar trust reform. Ohio’s senate heard testimony in March on a bill already passed by the House of Representatives, while Oklahoma’s senate passed a bill on March 14. The Oklahoma bill is currently sitting in the House Judiciary Committee. The House bill; however, is the first step in moving the legislation at the federal level.
This bill or resolution was assigned to a congressional committee on April 17, 2012, which will consider it before possibly sending it on to the House or Senate as a whole.
If you or a loved one has been diagnosed with mesothelioma or any asbestos related condition, we can help you. Preserve your legal rights before time runs out. Our experienced Florida asbestos law firmof Reyes, O’Shea & Coloca, P.A are dedicated to the fight for the rights of these individuals stricken with mesothelioma and other asbestos related conditions, who were unknowingly exposed and put at risk. Each case is handled individually and given the attention and priority it deserves by our carefully trained legal team.