The U.S. House Judiciary Committee recently approved the Furthering Asbestos Claim Transparency Act of 2017 and the Fairness in Class Action Litigation Act of 2017, according to an announcement from Texans for Lawsuit Reform.
“Asbestos victims often spend years in the courts to have their legitimate claims addressed and properly adjudicated,” House Judiciary Chairman Bob Goodlatte (R-VA) said. “Many must look to the bankruptcy and asbestos trusts as the best way to seek compensation for their injuries. However, the unfortunate truth is that some dishonest parties take advantage of the asbestos trusts due to the lack of transparency within our current bankruptcy laws. This fraudulent activity can reduce the amount of funds available to deserving parties."
Texas Republican Rep. Blake Farenthold, who serves as vice chairman of the Regulatory Reform, Commercial and Antitrust Law Subcommittee, said the legislation is needed and will protect victims of asbestos exposure by ensuring trust funds setup to pay claims is still solvent.
The passage of these laws is advocated by many in the business community who say unscrupulous attorneys launching frivolous lawsuits without merit hurt the economy.