Section 1 Short title
This Act may be cited as the “Furthering Asbestos Claim Transparency Act of 2014” or the “FACT Act”.
Furthering Asbestos Claim Transparency Act of 2014
A BILL
To amend title 11 of the United States Code to require the public disclosure by trusts established under section 524(g) of such title, of quarterly reports that contain detailed information regarding the receipt and disposition of claims for injuries based on exposure to asbestos, and for other purposes.
Sec. 2 Amendments
Section 524(g) of title 11, United States Code, is amended by adding at the end the following:
“(8) A trust described in paragraph (2) shall, subject to section 107—
“(A) not later than 60 days after the end of every quarter, file with the bankruptcy court a report that—
“(i) shall be made available on the court’s public docket; and
“(ii) with respect to such quarter—
“(I) shall describe each demand the trust received from, including the name and exposure history of, a claimant and the basis for any payment from the trust made to such claimant; and
“(II) shall not include any confidential medical record or the claimant’s full social security number; and
“(B) upon written request, and subject to payment (demanded at the option of the trust) for any reasonable cost incurred by the trust to comply with such request, provide in a timely manner any information related to payment from, and demands for payment from, such trust, subject to appropriate protective orders, to any party to any action in law or equity if the subject of such action concerns liability for asbestos exposure.”