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Expert Analysis

How Baker Botts Fee Ruling Will Impact Bankruptcy Practice

Law360, New York (June 19, 2015, 10:23 AM EDT) -- In a decision that has already prompted much discussion and debate amongst the bankruptcy bar, the U.S. Supreme Court held in Baker Botts LLP v. Asarco LLC that under Section 330(a)(1) of the Bankruptcy Code, estate professionals are not entitled to fees for defending fee applications. The court found that in drafting the Bankruptcy Code, Congress had not expressly departed from the American Rule, which provides that each side must pay its own attorneys' fees, unless a statute or contract provides otherwise....

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