U.S. Chamber Commends House Passage of Asbestos Trust Transparency Bill

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November 13, 2013

WASHINGTON, D.C.— Lisa A. Rickard, president of the U.S. Chamber Institute for Legal Reform (ILR), issued the following statement today commending the U.S. House of Representatives for passing the “Furthering Asbestos Claim Transparency (FACT) Act of 2013” (H.R. 982). The legislation would require asbestos personal injury settlement trusts, which currently operate with little oversight, to report on their claims in order to deter waste, fraud, and abuse. 

“Fraud and abuse in the asbestos compensation system drain the funds available to deserving claimants and force solvent companies, as well as their shareholders and employees, to pay unjust claims. The bipartisan FACT Act would further justice and diminish the damaging economic ripple effect of these abuses.  

“The billion-dollar asbestos lawsuit industry says, ‘There’s nothing to see here,’ and denies that the system is broken. However, courts around the country have uncovered examples of plaintiffs’ lawyers filing inconsistent or fraudulent claims, both with multiple trusts and in the court system. It’s time to end the abuse.

“We applaud the House for passing this important legislation, and urge the Senate to quickly do the same.”

ILR seeks to promote civil justice reform through legislative, political, judicial, and educational activities at the national, state, and local levels.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.