Furthering Asbestos Claim Transparency (FACT) Act of 2017

(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 2017

(Sec. 2) This bill amends federal bankruptcy law to establish disclosure requirements with respect to a trust that is formed under a reorganization plan, following the discharge in bankruptcy of a debtor corporation, for the purpose of assuming the debtor's liability regarding certain legal claims related to liability for asbestos exposure.

Such a trust must file with the bankruptcy court quarterly reports, available on the public docket, that describe each demand the trust has received from a claimant and the basis for any payment made to that claimant. These reports shall not include any confidential medical record or the claimant's full Social Security number.

Upon written request, and subject to payment for reasonable costs, a trust must provide information related to payment from, and demands for payment from, the trust to any party to an action concerning liability for asbestos exposure.