Professor Ed Zelinsky published the following article in the Rutgers Law Review:
Professor Lester Brickman Testifies at Hearing by U.S. House Judiciary Subcommittee on Regulatory Reform, Commercial and Antitrust Law on "Furthering Asbestos Claim Transparency (FACT) Act of 2015"
February 4, 2015 - Professor Lester Brickman testified in front of the U.S. House Judiciary Subcommittee on Regulatory Reform, Commercial and Antitrust Law on the "Furthering Asbestos Claim Transparency (FACT) Act of 2015" on Wednesday, February 4. Professor Brickman spoke in support of the act, which would require asbestos bankruptcy trusts to release information on those seeking compensation in quarterly reports. The bill's supporters state that one of its benefits would be to ensure sufficient funds are kept in the trusts by rooting out fraudulent claims.
In his testimony, Professor Brickman said that under the current trusts system "...there is virtually no public accountability or oversight independent of the trustees who are selected by the plaintiffs’ lawyers, who also set the terms for payment of claims" and that the "trusts provide no public disclosure of individual claims including what exposures were claimed or the amounts paid."