The panel, in a vote later in the day, passed the Fairness in Class Action Litigation Act of 2017, 19-12.
House Judiciary Chairman Bob Goodlatte, R-Va., praised the FACT Act’s approval.
“Asbestos victims often spend years in the courts to have their legitimate claims addressed and properly adjudicated. Many must look to the bankruptcy and asbestos trusts as the best way to seek compensation for their injuries,” he said in a statement after the vote. “However, the unfortunate truth is that some dishonest parties take advantage of the asbestos trusts due to the lack of transparency within our current bankruptcy laws. This fraudulent activity can reduce the amount of funds available to deserving parties.
“The FACT Act requires bankruptcy trusts to be transparent like other courts. This will ensure deserving victims receive the maximum relief for their illness and injuries, while preserving privacy protections, and weeding out bad actors who would take advantage of the system.”
U.S. Rep. Blake Farenthold, a Republican from Texas who serves as vice-chairman of the Regulatory Reform, Commercial and Antitrust Law Subcommittee, said the legislation is needed.
Source: www.forbes.com
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