Bankruptcy's New Rule 2019

Law360, New York (May 25, 2011, 2:45 PM EDT) -- On April 26, the U.S. Supreme Court adopted a completely revamped version of Rule 2019 of the Federal Rules of Bankruptcy Procedure to govern disclosure requirements for groups and committees that consist of or represent multiple creditors or equity security holders, as well as lawyers and other entities that represent multiple creditors or equity security holders, acting in concert to advance common interests in a Chapter 9 or Chapter 11 bankruptcy case.

The revised rule should end years of inconsistent and controversial case law regarding the...
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