FACT Act

Bill: 114-s-357
Sponsor: full_name: Sen. Flake, Jeff [R-AZ]
Introduced: 2015-02-04
Policy area: Finance and Financial Sector
Subjects: Bankruptcy

Civil actions and liability

Hazardous wastes and toxic substances
Latest action: action_date: 2016-02-03
text: Committee on the Judiciary. Hearings held.

Summaries:
action_date: 2015-02-04
action_desc: Introduced in Senate
text: <p> <b>Furthering Asbestos Claim Transparency Act of 2015 or FACT Act</b></p> <p>Amends federal bankruptcy law concerning a trust formed under a reorganization plan 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. </p> <p>Requires such a 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).</p> <p>Requires such reports, upon written request, and subject to payment (demanded at the option of the trust) for any reasonable cost incurred by it, 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 concerning liability for asbestos exposure.</p>

tv_txt: II 114th CONGRESS 1st Session S. 357 IN THE SENATE OF THE UNITED STATES February 4, 2015 Mr. Flake (for himself and Mr. Cornyn ) introduced the following bill; which was read twice and referred to the Committee on the Judiciary A BILL To amend title 11 of the United States Code to require the public disclosure by trusts established under section 524(g) of such title, of quarterly reports that contain detailed information regarding the receipt and disposition of claims for injuries based on exposure to asbestos, and for other purposes.

1. Short title This Act may be cited as the Furthering Asbestos Claim Transparency Act of 2015 or the FACT Act . 2. Amendments Section 524(g) of title 11, United States Code, is amended by adding at the end the following: (8) A trust described in paragraph (2) shall, subject to section 107— (A) not later than 60 days after the end of every quarter, file with the bankruptcy court a report that— (i) shall be made available on the court’s public docket; and (ii) with respect to such quarter— (I) shall describe each demand the trust received from a claimant, including the name and exposure history of the claimant, and the basis for any payment from the trust made to such claimant; and (II) shall not include any confidential medical record or the claimant’s full social security number; and (B) upon written request, and subject to payment (demanded at the option of the trust) for any reasonable cost incurred by the trust to comply with such request, provide in a timely manner any information related to payment from, and demands for payment from, such trust, subject to appropriate protective orders, to any party to any action in law or equity if the subject of such action concerns liability for asbestos exposure. . 3. Effective date; application of amendments This Act and the amendments made by this Act shall— (1) take effect on the date of the enactment of this Act; and (2) apply with respect to any case commenced under title 11 of the United States Code before, on, or after the date of enactment of this Act.