Blake Farenthold: “One of the issues the FACT Act addresses is State court litigants' inability to obtain information from bankruptcy…”

“One of the issues the FACT Act addresses is State court litigants' inability to obtain information from bankruptcy asbestos trusts. The FACT Act eliminates this problem by requiring minimal disclosures from asbestos trusts and allowing for access to additional information at the cost of the requesting party. It doesn't put a burden on the trusts. The amendment not only removes the minimal disclosure requirements, but it would replace additional disclosure requirements on parties who request information from the asbestos trust. Over the course of four separate hearings before the Judiciary Committee the issue highlighted was the lack of disclosure by the asbestos bankruptcy trust, not private party litigants. There has been no record of plaintiffs encountering difficulties in obtaining information necessary to sue these businesses. In fact, the evidence is to the contrary. Go look at a plaintiff's attorney who specializes in asbestos litigation Web site and you see how they tout their access to information necessary to sue these companies. It is the parties, other than the plaintiffs, including other asbestos bankruptcy trusts, as well as State court judges, who have difficulty obtaining information from the asbestos bankruptcy trust system which has created an environment that is conducive to fraud and takes money out of those trusts that is needed for future victims.…”