Asbestos Bankruptcy Trust Transparency Act – H.B. 1426
Creates a substantive right for defendants to obtain bankruptcy trust
Creates a substantive right for defendants to obtain bankruptcy trust discovery. The plaintiff must provide the court and parties with a sworn statement indicating that all asbestos trust claims that can be made by the plaintiff have been filed. A defendant may file a motion requesting a stay of the proceedings that identifies the asbestos trust claims the defendant believes the plaintiff can file and include information supporting the asbestos trust claims. If the court determines that there is a sufficient basis for the plaintiff to file an asbestos trust claim identified in the motion to stay, the court shall stay the asbestos action until the plaintiff files the asbestos trust claim and produces all related trust claims materials.
ATRA Reiterates Support for Chapter 11 Bankruptcy Use to Address Mass Tort Litigation, Urges Meaningful Dialogue Amid Senate Judiciary Committee Hearing
The lack of oversight and transparency around third-party litigation funding threatens the integrity of our legal system
Together, let’s forge a legal landscape that makes equitable access to justice a living reality for all Georgians.
This is an opportunity to reassess the practices and regulations surrounding private-attorney contracting and to enact reforms that promote fairness, transparency and value for taxpayer dollars.
Allowing the company to continue the bankruptcy process will help ensure equitable and efficient resolution in complex mass tort claims