SB 18-123

Senate Bill 18-123, also known as the Asbestos Bankruptcy Trust Claims Transparency Act, aims to improve transparency and fairness in asbestos-related compensation claims. It sets rules for how people who have been harmed by asbestos can file claims with trusts set up by companies that are no longer solvent due to asbestos liabilities. This ensures that juries get a full picture of a plaintiff's exposure to asbestos when deciding on fault. The bill has been signed into law, meaning its provisions are now in effect and being implemented.

Official Summary

The bill enacts the 'Asbestos Bankruptcy Trust Claims Transparency Act'. Federal bankruptcy law provides companies with asbestos liabilities the ability to channel their future liabilities into trusts. Plaintiffs harmed from asbestos exposure may file claims with the trusts and file lawsuits against companies that are still solvent. The bill addresses the disconnect between these separate compensation systems. The bill sets forth requirements for the filing of asbestos trust claims and provides for their admissibility so that juries are informed about all of a plaintiff's exposure to asbestos and can properly determine fault. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) Read More

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