Credit: Vitalii Vodolazskyi/Shutterstock.com Appellate Ruling in Georgia-Pacific Case Underscores Divide on Limits of Bankruptcy Protections
Judges are divided on the use of the "Texas two-step," in which companies facing potential mass tort liability attempt to gain Chapter 11 protection from claims.
June 29, 2023 at 06:09 PM
6 minute read
Civil Appeals
The original version of this story was published on National Law Journal
A sharply divided U.S. Court of Appeals for the Fourth Circuit ruling shielding a nondebtor in bankruptcy proceedings from asbestos lawsuits underscores the wider and growing divide among judges across the country on the bounds of Chapter 11 protection and corporations' use of the "Texas two-step" to address mass tort litigation.
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