S. 3076 · 112th Congress
FACT Act
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
CoburnSponsorNo cosponsors.
Furthering Asbestos Claim Transparency Act of 2012 or FACT Act - Amends federal bankruptcy law concerning a trust formed under a plan of reorganization following the discharge in bankruptcy of a debtor corporation in order to assume the debtor's liability with respect to claims seeking recovery for personal injury, wrongful death, or property damage…
What it does: CRS summary · Introduced in Senate · May 10, 2012
Furthering Asbestos Claim Transparency Act of 2012 or FACT Act - Amends federal bankruptcy law concerning a trust formed under a plan of reorganization following the discharge in bankruptcy of a debtor corporation in order to assume the debtor's liability with respect to claims seeking recovery for personal injury, wrongful death, or property damage allegedly caused by the presence of, or exposure to, asbestos or asbestos-containing products.
Requires such a trust to file with the bankruptcy court and the U.S. Trustee quarterly reports, available on the public docket, which describe each demand the trust has received from a claimant and the basis for any payment made to that claimant (excluding any confidential medical record or the claimant's full Social Security number).
Requires such reports also to provide any information relating to payment from, and demands for payment from, the trust to any party to any action in law or equity if the subject concerns liability for asbestos exposure.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: FACT Act
Also known as: Furthering Asbestos Claim Transparency Act of 2012
Latest action (May 10, 2012): Read twice and referred to the Committee on the Judiciary.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: May 10, 2012
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.