The Reserve Officers Association (ROA) of Indiana recently announced its support for the Furthering Asbestos Claims Transparency (FACT) Act in a letter to Congress.
The FACT Act was passed by the U.S. House on January 8th and is currently being considered by the U.S. Senate Judiciary Committee.
If passed, the legislation would amend federal bankruptcy law to require asbestos trust funds, which were set up to compensate victims who were exposed to the now-banned fireproof substance, to file quarterly reports that list all claims filed and how much was paid for each claim.
ROA officials voiced their support for the bill in a letter to U.S. Senate Judiciary Committee Chairman Charles Grassley (R-IA) and ranking committee member Sen. Patrick Leahy (D-VT).
"This type of reporting will ensure that these trust funds will actually help the asbestos victims rather than allow the asbestos trusts to be depleted by fraudulent claims and plaintiffs’ lawyers," ROA of Indiana President Fred Hendricks, a retired Navy captain, wrote in the letter.
The bill awaits further action by the Senate, following a hearing last week in the Senate Judiciary Committee.