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 the filing of such reports with the Executive Office for United States Trustees.
Furthering Asbestos Claim Transparency (FACT) Act of 2012 - Amends federal bankruptcy law concerning a trust formed under a plan of reorganization following the discharge in bankruptcy of a debtor corporation in order to assume the debtor's liability with respect to claims seeking recovery for personal injury, wrongful death, or property damage allegedly caused by the presence of, or exposure to, asbestos or asbestos-containing products.
Requires such trust to file with the bankruptcy court quarterly reports, available on the public docket, which describe each demand the trust has received from a claimant and the basis for any payment made to that claimant (excluding any confidential medical record or the claimant's full Social Security number).
Requires such reports, upon written request and subject to payment (demanded at the option of the trust) for reasonable costs, to provide any information related to payment from, and demands for payment from, the trust to any party to any action in law or equity if the subject concerns liability for asbestos exposure.
Read twice and referred to the Committee on the Judiciary.
Introduced in House
Introduced in House
Referred to the House Committee on the Judiciary.
Referred to the Subcommittee on Courts, Commercial and Administrative Law.
Subcommittee Hearings Held.
Subcommittee on Courts, Commercial and Administrative Law Discharged.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 15 - 14.
Reported (Amended) by the Committee on Judiciary. H. Rept. 112-687.
Reported (Amended) by the Committee on Judiciary. H. Rept. 112-687.
Placed on the Union Calendar, Calendar No. 498.
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