Bill > S2319

This bill, known as the Furthering Asbestos Claim Transparency Act of 2014 (or FACT Act), amends Title 11 of the United States Code, which governs bankruptcy. Specifically, it requires trusts established under section 524(g) of that title, which are typically set up to handle claims for injuries caused by asbestos exposure, to publicly disclose detailed quarterly reports. These reports, which will be available on the court's public docket, must include information about each demand received by the trust, including the claimant's name and exposure history, and the basis for any payments made. However, these reports will exclude confidential medical records and full Social Security numbers. Additionally, upon written request and payment of reasonable costs, the trusts must provide information about payment demands to any party involved in a legal action concerning asbestos exposure liability, subject to protective orders. These new disclosure requirements will apply to bankruptcy cases commenced before, on, or after the bill's enactment date.