Money does not grow on trees, nor does it appear out of thin air. For victims of asbestos exposure, it is very costly to undergo treatment. Each claim is different, but at the very least, there are medical bills that need to be paid. While the asbestos trust funds (worth an estimated $30 billion) are designed to compensate the victims, the FACT Act would require more paperwork and could actually end up delaying the compensation process.
As it stands, getting compensation is anything but instantaneous. The asbestos-related trust funds are not actually controlled by the companies that went bankrupt. Rather, the funds are in the hands of a designated “trustee” who makes decisions as to what the standards are and what the compensation will be. For instance, the claimant will have to show evidence of the asbestos related injury, but depending on the trustee for the company, the claimant might have to satisfy certain medical criteria. When it comes to the FACT Act, the information that a claimant gives is subject to public review.
Facts and Figures of the FACT Act