House Passes Asbestos Bankruptcy Trust Transparency Bill

Law360, New York (November 13, 2013, 5:51 PM EST) -- The U.S. House of Representatives on Wednesday passed a bill that would impose new disclosure requirements on trusts charged with paying claims connected to asbestos exposure for bankrupt companies despite staunch opposition from victims and Democrats.

The House voted 221-199 to approve H.R. 982, the Furthering Asbestos Claim Transparency Act of 2013, which proponents say will put a damper on trusts making payments to people who already have received compensation from other trusts and nonbankrupt companies through the tort system or to fraudsters who are purportedly...
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