U.S. Sen. Dick Durbin (D-IL) and fellow members of the U.S. Senate Judiciary Committee will hold a hearing Wednesday on the proposed Furthering Asbestos Claim Transparency (FACT) Act (S. 357), which passed the U.S. House last month.
"Passing the FACT Act is critical to the integrity of the bankruptcy settlement trust," Illinois Civil Justice League President John Pastuovic recently told Illinois Business Daily. "It will ensure future victims of asbestos exposure are fully and rightfully compensated."
"I would strongly urge Illinois Senator Dick Durbin to do the right thing by supporting this legislation, which will protect the trusts from future fraud," Pastuovic said.
U.S. Sen. Jeff Flake (R-AZ) introduced the FACT Act to prevent fraud through increased transparency and ensure that asbestos bankruptcy settlement trusts can fully compensate future claimants. The bill requires bankruptcy settlement trusts to disclose the names and exposure history of those who have filed claims with the trust. It also prohibits disclosure of Social Security information and private medical records.
"Congress must act now to increase transparency and combat fraud within the asbestos-settlement system if future victims of asbestos-related injuries are to be protected," Flake said. "I commend my House colleagues for passing this legislation ... and for their continued interest in this issue. I hope both the House and Senate take up and pass this legislation without delay."