By Lisa A. Rickard, President, U.S. Chamber Institute for Legal Reform
Yesterday, Iowa joined nine other states and the federal government in combatting plaintiffs’ lawyers’ systematic abuse of the $30 billion asbestos trust system.
Manipulating and concealing evidence of exposure in trust filings is fraud, yet this behavior is rampant in state courts throughout the country. Iowa’s law implements needed asbestos bankruptcy trust transparency measures and includes strong medical criteria to prevent questionable claims from clogging the courts.
Iowa is the second state this year to enact asbestos bankruptcy trust transparency reform, following South Dakota.
Iowa’s strong asbestos litigation reform law combats fraud in the asbestos compensation system, and we applaud the state legislature for its efforts.