Furthering Asbestos Claim Transparency (FACT) Act of 2012

Bill: 112-hr-4369
Sponsor: Rep. Quayle, Benjamin [R-AZ-3]
Introduced: 2012-04-17 in the House
Policy area: Finance and Financial Sector
Subjects: Bankruptcy
Civil actions and liability
Hazardous wastes and toxic substances

Summary:
action_date: 2012-04-17
text: 
 Furthering Asbestos Claim Transparency (FACT) Act of 2012 - Amends federal bankruptcy law concerning a trust formed under a plan of reorganization following the discharge in bankruptcy of a debtor corporation in order to assume the debtor's liability with respect to claims seeking recovery for personal injury, wrongful death, or property damage allegedly caused by the presence of, or exposure to, asbestos or asbestos-containing products. 
 
Requires such a trust to file with the bankruptcy court and the U.S. Trustee quarterly reports, available on the public docket, which describe each demand the trust has received from a claimant and the basis for any payment made to that claimant (excluding any confidential medical record or the claimant's full Social Security number).
 
Requires such reports also to provide any information related to payment from, and demands for payment from, the trust to any party to any action in law or equity if the subject concerns liability for asbestos exposure.

action_date: 2012-09-21
text: 
 Furthering Asbestos Claim Transparency (FACT) Act of 2012 - Amends federal bankruptcy law concerning a trust formed under a plan of reorganization following the discharge in bankruptcy of a debtor corporation in order to assume the debtor's liability with respect to claims seeking recovery for personal injury, wrongful death, or property damage allegedly caused by the presence of, or exposure to, asbestos or asbestos-containing products. 
 
Requires such trust to file with the bankruptcy court quarterly reports, available on the public docket, which describe each demand the trust has received from a claimant and the basis for any payment made to that claimant (excluding any confidential medical record or the claimant's full Social Security number).
 
Requires such reports, upon written request and subject to payment (demanded at the option of the trust) for reasonable costs, to provide any information related to payment from, and demands for payment from, the trust to any party to any action in law or equity if the subject concerns liability for asbestos exposure.


Legislative actions:
action_date: 2012-09-21
text: Placed on the Union Calendar, Calendar No. 498.
action_date: 2012-09-21
text: Reported (Amended) by the Committee on Judiciary. H. Rept. 112-687.
action_date: 2012-09-21
text: Reported (Amended) by the Committee on Judiciary. H. Rept. 112-687.
action_date: 2012-06-08
text: Ordered to be Reported (Amended) by the Yeas and Nays: 15 - 14.
action_date: 2012-06-08
text: Committee Consideration and Mark-up Session Held.
action_date: 2012-06-05
text: Subcommittee on Courts, Commercial and Administrative Law Discharged.
action_date: 2012-05-10
text: Subcommittee Hearings Held.
action_date: 2012-04-19
text: Referred to the Subcommittee on Courts, Commercial and Administrative Law.
action_date: 2012-04-17
text: Referred to the House Committee on the Judiciary.
action_date: 2012-04-17
text: Introduced in House
action_date: 2012-04-17
text: Introduced in House