Pfizer Tells High Court Bankruptcy Law Protects Parent Cos.

Law360, New York (September 17, 2012, 4:52 PM EDT) -- Pfizer Inc. has asked the U.S. Supreme Court to overturn an appeals court ruling that the company must face asbestos litigation related to a bankrupt subsidiary, arguing federal bankruptcy law offers protection for parent companies in these situations.

The subsidiary, Quigley Co. Inc., filed for Chapter 11 bankruptcy in 2004 while facing an estimated 160,000 asbestos suits. Plaintiffs then went after Pfizer directly, but the bankruptcy court entered an injunction enjoining asbestos claims against Pfizer during Quigley’s bankruptcy.

Peter G. Angelos, one of the nation's leading...
To view the full article, register now.