S. 2319 113th Congress Senate

FACT Act

Official title: 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 repo… Show full official titleShow less

Official title: 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.

Introduced: September 18, 2014 See on congress.gov

Finance and Financial Sector BankruptcyCivil actions and liabilityHazardous wastes and toxic substances

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 12, 2014

Read twice and referred to the Committee on the Judiciary.

May 12, 2014

Introduced in Senate

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Latest action May 12, 2014

Read twice and referred to the Committee on the Judiciary.

Plain-English summary Congressional Research Service

Furthering Asbestos Claim Transparency Act of 2014 or FACT Act - 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.

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).

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.

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