Texas veterans group lobbies for asbestos-trust disclosure legislation
The legislation seeks to ensure funds kept in trusts for asbestos victims are protected from fraudulent claims.
“This legislation will protect veterans by curbing fraud and preserving bankruptcy-trust resources for future claims,” Morgan Little, chairman of TCVO, said in a recent letter to U.S. Rep. Blake Farenthold (R-TX), who introduced the legislation. “Military veterans are particularly hard hit by asbestos-related diseases, and preserving the trusts is vital to the veteran community. Nearly two-dozen trusts have reduced net payouts to claimants since 2009, which impacts veterans who develop asbestos-related injuries both today and in the future.”
The act would require asbestos trusts to file quarterly financial reports.
“There are at least 10 trusts that compensate claimants who were exposed to asbestos in naval shipyards,” Little said in the letter. “These trusts are collectively paying claimants 50 percent less today than they paid six years ago. Enacting trust-transparency legislation in Texas and at the federal level will discourage 'double dipping' and help preserve financial resources for military veterans.”