Joseph J. DiPasquale, left, and Michael R. Herz, right, of Fox Rothschild. Courtesy photos.How New Jersey’s Pragmatic Bankruptcy Approach Sets It Apart Post-'Purdue Pharma'
The Chapter 11 filing statistics clearly show that New Jersey has emerged as a strong venue option. The question is why? The answer, we submit, is consistency and pragmatism.
December 11, 2024 at 12:00 PM
7 minute read
One of the key elements of a Chapter 11 plan that bankruptcy courts must tackle is the extent of the plan’s releases, including whether a requirement that parties must affirmatively “opt-out” of a plan’s releases sufficiently manifests consent to the releases for those that do not opt-out. The U.S. Supreme Court’s 2024 decision in Harrington v. Purdue Pharma sparked nationwide debate over how consent to third-party releases is addressed in Chapter 11 bankruptcy plans.
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