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H.R. 526 (114th): Furthering Asbestos Claim Transparency (FACT) Act of 2015

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Nov 30, 2015.


(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Furthering Asbestos Claim Transparency (FACT) Act of 2015

(Sec. 2) This bill 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.

Such a trust shall 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).

Such reports, upon written request, and subject to payment (demanded at the option of the trust) for any reasonable cost incurred by it, shall 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.