Bogus Asbestos Claims Cheat Companies, Lawyer Testifies
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Fraudulent claims for asbestos exposure are shortchanging companies and legitimate victims, former judge and McCarter & English attorney Peggy L. Ableman testified today in support of legislation aimed at curtailing false claims on an estimated $30 billion in assets.
Under the current system, people claiming harm from asbestos can seek damages from trusts set up by bankrupt companies and simultaneously sue non-bankrupt companies, using inconsistent information about how and when they were exposed, Ableman said in a hearing before the U.S. House of Representatives Subcommittee on Regulatory Reform, Commercial and Antitrust Law today.