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Congressional hearing on asbestos fraud



A House Judiciary subcommittee explored the problem of asbestos fraud and asbestos bankruptcy trusts on September 9. Professor Lester Brickman's testimony presents a good summary of the issue. Businessman Mike Carter testified about the effect on job creation from his family business being repeatedly sued (104 times by 2223 individual plaintiffs) as a tertiary defendant—despite never manufacturing an asbestos product or ever facing a workers' compensation claim for asbestos-related injury. (See also ILR.) Moody's has said that "[r]ecent disclosures by three insurance companies regarding increased asbestos claims are a 'warning flag' for those companies and the U.S. property and casualty industry as a whole." [LNL; LNL; Main Justice; RAND]

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Isaac Gorodetski
Project Manager,
Center for Legal Policy at the
Manhattan Institute
igorodetski@manhattan-institute.org

Katherine Lazarski
Press Officer,
Manhattan Institute
klazarski@manhattan-institute.org

 

Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.