Over the past 40 years almost all former major asbestos producers have been forced into bankruptcy. By reorganizing, these companies are now exempt from personal injury litigation. In their wake, trusts have been established to pay people for harms caused by their products. Collectively, these trusts hold billions of dollars in assets. The tort system has struggled to fully account for the exit of the major asbestos producers in bankruptcy, leading to calls for reform. The Furthering Asbestos Claim Transparency (FACT) Act of 2015 and laws enacted in several states are intended to help address the disconnection between the trust and tort systems.
This Congressional Civil Justice Caucus Academy briefing featured:
Mark A. Behrens
Partner, Shook, Hardy & Bacon LLP
Nathan D. Finch
Member, Motley Rice LLC
Moderator: Michael I. Krauss
Professor of Law, George Mason University Antonin Scalia Law School