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National Law Journal

Second Circuit Approves Third-Party Bankruptcy Releases, Then Tries (Unsuccessfully) to Limit Them

Second Circuit ruling in the Purdue Pharmacy bankruptcy appeal raises the basic question of whether such releases are permitted at all, taking into account the court's conclusion that some limits are essential, although not found anywhere in the Bankruptcy Code.
8 minute read

The American Lawyer

When Rainmakers Leave, Partners Ask 'Should I Stay or Should I Go?'

A string of individual departures along with an increase in group moves at both Shearman & Sterling and Stroock & Stroock & Lavin bring attention to the calculations partners need to make when they gain a sense their firm may be in distress.
10 minute read

New York Law Journal

Treasury Management for Fiduciaries in the Wake of Recent Bank Failures

In the wake of recent bank failures, it is more important than ever to carefully consider the cash-management options available for the needs of each particular case and the risk tradeoffs to analyze when operating within the structures of the U.S. banking system.
8 minute read

New York Law Journal

Serta-nty on Open Market Purchases

In this article, we summarize the Serta up-tier transaction and its treatment by the courts, and provide practical guidance to market participants dealing with these type of transactions.
8 minute read

New York Law Journal

Will Mall of America Appeal Decision Create Uncertainty for Buyers of Assets From Chapter 11 Debtors?

The Supreme Court's holding in MOAC Mall Holdings was that 11 U.S.C. Section 363(m), which limits the impact of appeals of unstayed bankruptcy court sale orders, is not jurisdictional because it does not satisfy the "clear-statement principle" and, thus, it does not preclude all appellate review.
8 minute read

International Edition

Paul Hastings Loses Paris Bankruptcy Team to Freshfields

The five-lawyer team is led by the same partner who joined Paul Hastings in 2020 to establish the firm's insolvency practice in the French capital.
2 minute read

Litigation Daily

Litigators of the Week: Davis Polk Gets 2nd Circuit Blessing for Purdue Pharma's Multibillion-Dollar Bankruptcy Settlement

Davis Polk's Marshall Huebner and Benjamin Kaminetzky helped convince the Second Circuit to overturn a district court ruling finding the bankruptcy code didn't authorize liability releases for the Sackler family, the founders of the OxyContin maker.
12 minute read

National Law Journal

'Sky Is the Limit': What 2nd Circuit's Broad View of Bankruptcy Code Means Beyond Purdue Pharma

The decision "opens the door to other boundary-pushing components of restructuring plan(s)," law professor says.
6 minute read

New York Law Journal

Second Circuit Establishes 7-Factor Test for Nonconsensual Releases in Purdue Pharma Bankruptcy Reversal

The Second Circuit's decision is an important step forward, particularly for the personal injury victims, who have not received a single penny from the over $50 billion in opioid-related settlements to date.
9 minute read

The Recorder

'This Will Take His Life': Rare Trial Kicks Off Over Johnson's Baby Powder

Allison Brown, a lawyer for Johnson & Johnson, questioned the facts of the case, which is in California's Alameda County Superior Court: She noted that many of the stores where the plaintiff's mother testified she bought its baby powder were more than 100 miles from her house.
4 minute read

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