Ruling Impinges On Bankruptcy Code, Lawyers Warn

Law360, New York (June 12, 2007, 12:00 AM EDT) -- Though the Supreme Court made no mention of bankruptcy law when it allowed private parties to sue for expenses they incurred while voluntarily cleaning contaminated sites, attorneys say it subjected reorganized companies to additional environmental liability claims.

A case recently decided by the High Court, USA v. Atlantic Research Corp., did not involve a reorganized company. Nonetheless, attorneys for Reed Smith LLP filed an amicus brief that warned the court not “to strip former debtors of the fresh start Congress intends bankruptcy proceedings to offer.”...
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