Veterans group supports FACT Act to target fraudulent asbestos claims

The president of the Reserve Officers Association (ROA) of Indiana is speaking out in support of passage of the Furthering Asbestos Claims Transparency (FACT) Act.

“The Reserve Officers Association-Department of Indiana requests positive action and passage of HR 526, the Furthering Asbestos Claims Transparency Act, which would require the various asbestos trusts in the nation to file quarterly reports with bankruptcy courts detailing who has filed a claim and how much money was paid,” Daniel Oates, president of ROA of Indiana, wrote to U.S. Reps. Bob Goodlatte (R-VA), chairman of the House Judiciary Committee, and John Conyers (D-MI) ranking member of the committee.

The FACT Act was introduced in January and would require asbestos bankruptcy trusts to release information on those seeking compensation due to asbestos exposure in quarterly reports, including detailed information regarding the receipt and disposition of claims for asbestos-related injuries.

“It is imperative that asbestos victims, including veterans, get the financial payment rather than having the fund depleted by fraudulent claims and plaintiffs’ lawyers,” Oates said in the letter.

The ROA of Indiana reportedly was told the trust already has spent over $17.5 billion of the $36 billion set aside for benefit payments.

“We were informed that lawyers' fees in some cases were as high as 40 percent,” Oates said. “If this were not bad enough, reports indicated some of the money was paid for fraudulent or inflated claims.”