Air Force Association's Indiana unit supports FACT Act

The Indiana chapter of the U.S. Air Force Association recently asked Congress to support legislation that would require asbestos-injury trusts to submit financial reports to bankruptcy courts on claims they pay out in an effort to target fraud.

HR 526, the Furthering Asbestos Claims Transparency (FACT) Act, would provide more government oversight of asbestos trusts, which pay out compensation on legal claims from victims of asbestos exposure.

The act, sponsored by U.S. Rep. Blake Farenthold (R-TX), 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, in an effort to target fraudulent claims.

"This legislation maintains the careful balance of transparency and privacy in the asbestos trust system," said Farenthold when he introduced the bill in January 2015. "Its straightforward quarterly disclosure requirement will stop unscrupulous attorneys who game the trust system and drain funds needed by legitimate victims."

Retired Air Force Col. Nicholas Kirincich recently wrote to the House Judiciary Committee, asking its leaders to support the bill on behalf of Indiana’s Air Force Association.

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