Political Quotes

“The FACT Act addresses a number of issues, including State court litigants' inability to obtain information from federally-supervised asbestos trusts and the general lack of disclosure that is allowing fraud to be committed against these trusts. The FACT Act addresses these problems by introducing transparency into the asbestos bankruptcy trust system. The amendment dramatically undercuts the transparency provided under the bill by completely eliminating the quarterly reporting requirements. This removes an important and efficient disclosure component provided by the FACT Act and would eliminate sister asbestos trusts' access to information that is critical for the defense against fraudulent claims. Additionally, the amendment would place disclosure requirements on the State court party requesting information from the asbestos trusts. These disclosure requirements are unnecessary, unusual, and would severely constrain a party's availability to defend itself in State court litigation. Plaintiffs and plaintiffs' firms already have the ability to gain access to the defendant's information through the traditional discovery process; however, it is the defendant's inability to gain access to information submitted to the asbestos trusts that has created an environment that is conducive to fraud.…”