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House Judiciary passes asbestos trust reform

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We've previously noted the extent of the problem of asbestos bankruptcy trusts being used as trial-lawyer piggy banks to fund litigation against third parties on legal and fact theories different than those used to obtain recovery from the trusts. The May 10 hearing on the subject created some fireworks when Democratic Rep. Steve Cohen called chicken-catcher attorneys who contacted him about a potential case "parasites." [LNL; ILR; Professor Todd Brown testimony; more from ILR; unpersuasive SE Texas Record editorial]

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