Bankruptcy

  • October 21, 2020

    Insurer Says Regulator Schemed Partner Into Conservatorship

    Applied Underwriters Inc. and its affiliate have sued California Insurance Commissioner Ricardo Lara, alleging that the commissioner and his colleagues abused their authority and engaged in a "years-long scheme" to put its business partner California Insurance Co. into conservatorship and out of business.

  • October 21, 2020

    3 False Claims Act Takeaways From Purdue's Opioid Deal

    Purdue Pharma LP's agreement to pay $8 billion and plead guilty to its role in America's opioid crisis may contain the largest settlement yet under the False Claims Act, but whether the federal government can fully collect it is uncertain. Here, Law360 takes a look at three questions that the deal raises.

  • October 21, 2020

    Meet The Attys Guiding Purdue On $8B DOJ Opioid Plea Deal

    The top attorneys guiding embattled OxyContin maker Purdue Pharma LP through Wednesday's historic plea deal include a handful of former federal prosecutors and an attorney who investigated the NFL's "Deflategate" controversy.

  • October 21, 2020

    Tribe And Lenders Immune To Claims In Bankruptcy Court

    A federal bankruptcy judge has ruled that a Native American tribe in Wisconsin and related companies have sovereign immunity to a suit filed by a Massachusetts man who claims they tried to collect a payday loan debt from him after he declared bankruptcy.

  • October 21, 2020

    Garrett, Honeywell Sent Into Talks Over Dueling Ch. 11 Plans

    A New York bankruptcy judge on Wednesday sent auto parts maker Garrett Motion, former parent Honeywell International and a pair of investment funds into talks over an alternative Chapter 11 plan after a contentious hearing on Garrett's proposed auction procedures.

  • October 21, 2020

    Where DOJ's Opioid Blitz Stands After Purdue's Criminal Case

    The U.S. Department of Justice's multibillion-dollar felony case blaming Purdue Pharma for "a national tragedy of addiction and deaths" involving narcotic painkillers is just one part of the DOJ's fast-growing criminal crackdown on the drug industry's opioid-crisis profiteering.

  • October 21, 2020

    Sackler Factor Could Sink Purdue's $8B Opioid Deal With DOJ

    While the $8 billion criminal and civil settlement OxyContin maker Purdue Pharma made with the federal government resolves the Chapter 11 claim from its single largest creditor, it could draw fatal opposition in bankruptcy court for failing to address the potential liability related to the Sackler family's ownership of the company.

  • October 21, 2020

    Union Funds Lose Bid To Pause Akorn's Ch. 11 Confirmation

    A group of labor union benefit funds lost their bid Wednesday to stay the order confirming biopharmaceutical firm Akorn Inc.'s Chapter 11 plan pending an appeal of a Delaware bankruptcy judge's approval of the plan.

  • October 21, 2020

    NJ Judge Gives Nod To Sur La Table's Ch. 11 Plan

    A New Jersey bankruptcy judge said Wednesday that he planned to confirm Sur La Table's Chapter 11 plan, which entails an $89 million assets sale to a private equity venture and would preserve about half its brick-and-mortar footprint.

  • October 21, 2020

    Texas Court Asked To Reunite Chesapeake Royalty Claims

    Four Eagle Ford Shale interest owners have asked a Texas appellate court to overturn an order that severed breach of contract claims against them from those against bankrupt Chesapeake Energy Corp., arguing that allowing leaseholders to move forward would cause duplicative proceedings and waste judicial resources.

  • October 21, 2020

    MVP: Davis Polk's Brian Resnick

    Brian M. Resnick led a Davis Polk & Wardwell LLP team that advised Dean Foods Co., one of the largest milk producers in the U.S., through its Chapter 11 process, during which it sold its assets to several buyers including the Dairy Farmers of America despite the disruptions of the COVID-19 pandemic, earning him a spot among Law360's 2020 Bankruptcy MVPs.

  • October 21, 2020

    Purdue To Pay $8B In Penalties In DOJ Opioid Plea Deal

    The U.S. Department of Justice on Wednesday unveiled an agreement with Purdue Pharma LP, the OxyContin maker owned by the Sackler family, that includes a guilty plea to three felony counts, $8 billion in financial penalties and the dissolution of the company and the Sacklers' ownership interests in it.

  • October 20, 2020

    11th Circ. Revives Fla. Firm's Fraud Suit Vs. Bankruptcy Atty

    The Eleventh Circuit on Tuesday revived a Florida law firm's fraud suit against a North Carolina firm it worked with in a bankruptcy case, holding that a lower court erred in applying the Barton doctrine, which bars suits against court-appointed trustees and other fiduciaries, because the bankruptcy case is closed.

  • October 20, 2020

    Feds Get Discovery Pause In Ex-BigLaw Atty's SEC Case

    The federal government can intervene in the U.S. Securities and Exchange Commission's extortion lawsuit against a hedge fund founder and onetime Simpson Thacher & Bartlett LLP bankruptcy lawyer and stay discovery until a parallel criminal case is resolved, a New York federal judge ruled Tuesday.

  • October 20, 2020

    Addiction Center Chain's Ch. 11 Reorganization OK'd In Del.

    American Addiction Centers Inc. secured confirmation in Delaware late Tuesday for a Chapter 11 plan that will reorganize rather than sell its multistate drug rehabilitation and behavioral treatment chain, with creditors gaining a larger stake in the venture.

  • October 20, 2020

    Hertz Gets Ch. 11 Approval For $8.2M Exec. Bonuses

    A Delaware judge on Tuesday approved The Hertz Corp.'s plan to award up to $8.2 million in executive bonuses after previously criticizing the car rental giant's prior proposal to award even more bonuses as part of its Chapter 11, saying the revised incentive plan is appropriate.

  • October 20, 2020

    Ascena Pumps Justice Price With New Ch. 11 Stalking Horse

    The bankrupt parent company of retail chain Ann Taylor told a Virginia judge Tuesday that it had received a new stalking horse offer for its teen girl clothing outlet Justice, increasing the price by nearly $10 million and improving other terms of the acquisition.

  • October 20, 2020

    Pizza Hut Drivers' Suit Against NPC Execs Paused Over Ch. 11

    A Texas bankruptcy judge on Tuesday extended NPC International's Chapter 11 stay to some of the Pizza Hut franchisee's top executives, saying a suit against them by allegedly underpaid pizza delivery drivers posed an unacceptable risk of disrupting the company's bankruptcy case.

  • October 20, 2020

    JC Penney Submits $1.75B Ch. 11 Sale Plan After Deadline

    J.C. Penney submitted its $1.75 billion sale agreement with a creditor group and a pair of mall owners to a Texas bankruptcy judge Tuesday, one day beyond an already-extended deadline to file the central transaction in its plan to emerge from Chapter 11.

  • October 20, 2020

    MVP: Cravath's Paul H. Zumbro

    Paul H. Zumbro of Cravath Swaine & Moore LLP's bankruptcy practice steered California electric utility PG&E's $50 billion Chapter 11 bankruptcy and related wildfire settlements, as well as the contentious bankruptcy of the Weinstein Co., earning him a spot as one of Law360's 2020 Bankruptcy MVPs.

  • October 20, 2020

    Victims' Bid For Weinstein Ch. 7 Liquidation Nixed In Del.

    A Delaware judge refused Tuesday to convert jailed sexual predator Harvey Weinstein's bankrupt film business into a Chapter 7 liquidation case, rejecting an assault victim group's claim that a proposed Chapter 11 settlement offers an unjust deal that benefits insurers.

  • October 19, 2020

    Judge Tosses Co.'s Ch. 11 Filing Over Canadian Pot Plans

    A company raising money to operate a cannabis business in Canada said Monday it won't appeal a federal judge's ruling that it can't pursue Chapter 11 bankruptcy due to marijuana's illegality in the United States. 

  • October 19, 2020

    $14M Deal OK'd In Patriot National Ch. 11 Case

    The Delaware bankruptcy court has approved two settlement bids of nearly $14 million from the litigation trustee for bankrupt insurance services firm Patriot National Inc., bringing an end to his Chancery Court claims against some of the company's former directors.

  • October 19, 2020

    What BigLaw Can Do To Actually Retain Female Attorneys

    Even as BigLaw firms are recruiting women into their ranks in larger numbers, their presence in leadership and equity partnerships remains stubbornly low. Here’s a look at why this is happening — and what firms can do.

  • October 19, 2020

    Female Attorneys Gain Ground In Battle For Clerkships​

    More female attorneys are landing highly sought-after U.S. Supreme Court clerkships, and the experience can turbocharge their careers.

Expert Analysis

  • Series

    Lawyering While Parenting: A Day In A Mom's Pandemic Life

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    Josephine Bahn shares a view of her life working from home as an FDIC attorney while splitting child care responsibilities with her lawyer husband.

  • Chicago Debtors May Lose High Court Case But See Relief

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    While last week's oral arguments in Chicago v. Fulton suggest that the U.S. Supreme Court will likely favor the city's right to retain possession of bankrupt owners' impounded vehicles, new city programs will provide additional options for relief to vehicle owners says, says Ariane Holtschlag at the Law Office of William J. Factor.

  • 5 Cost-Cutting Strategies For Corporate Legal Departments

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    To achieve long-term reduction in their legal expenses, companies must look beyond law firm hourly rates and better distribute their legal work among high-cost premier firms, low-cost practitioners and alternative legal service providers, and their own in-house teams, says Nathan Wenzel at SimpleLegal.

  • Guest Feature

    Preparing The Next Generation Of Female Trial Lawyers

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    To build the ranks of female trial attorneys, law firms must integrate them into every aspect of a case — from witness preparation to courtroom arguments — instead of relegating them to small roles, says Kalpana Srinivasan, co-managing partner at Susman Godfrey.

  • Guest Feature

    Mentorship Is Key To Fixing Drop-Off Of Women In Law

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    It falls to senior male attorneys to recognize the crisis female attorneys face as the pandemic amplifies an already unequal system and to offer their knowledge, experience and counsel to build a better future for women in law, says James Meadows at Culhane Meadows.

  • Guest Feature

    5 Ways Firms Can Avoid Female Atty Exodus During Pandemic

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    The pandemic's disproportionate impact on women presents law firms with a unique opportunity to devise innovative policies that will address the increasing home life demands female lawyers face and help retain them long after COVID-19 is over, say Roberta Liebenberg at Fine Kaplan and Stephanie Scharf at Scharf Banks.

  • What To Know About The First Wave Of CARES Act Litigation

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    James Murphy and Daniel Payne at Murphy & McGonigle analyze the first six months of CARES Act litigation and provide insight into how early cases are progressing and who seems to be winning.

  • Opinion

    Congress Should Rewrite The Bankruptcy Examiner Mandate

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    It's time for Congress to revise the bankruptcy statute that mandates an examiner in cases with over $5 million in unsecured debt to reflect the realities of today’s corporate Chapter 11 practice and allow bankruptcy courts to exercise discretion, say attorneys at Lowenstein Sandler.

  • Opinion

    Lawyers Must Fight Voter Suppression This Election Season

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    Lawyers should use their unique skill sets, knowledge and spheres of influence to fight burdensome ID requirements and other voter suppression tactics that may influence the 2020 elections, and to participate in potential post-election litigation, say CK Hoffler and Allyce Bailey at the National Bar Association.

  • Why Online Mediation May Be Here To Stay

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    Videoconferenced mediation offers several advantages and helps cases settle faster and more cordially, making it hard to imagine going back to logistically difficult in-person dispute resolution after COVID-19 restrictions are gone, says Sidney Kanazawa at ARC.

  • Clients Have The Power To Promote Wellness At Law Firms

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    Law firm clients can play a role in lowering mental distress in the legal profession by seeking lawyer wellness data from firms and factoring those responses into outside counsel hiring decisions, says Jonathan Prokup at Cigna.

  • Opinion

    Appellate Courts Should Welcome Well-Crafted Amicus Briefs

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    A Seventh Circuit judge's recent order granting leave for three organizations to file amicus curiae briefs in Prairie Rivers Network v. Dynegy Midwest Generation is a reminder that relevant, nonduplicative amicus briefs can provide courts with helpful perspective, important facts and legal arguments, says Lawrence Ebner at Capital Appellate Advocacy.

  • What Hiring Law Firms Should Consider Instead Of Grades

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    With law schools forgoing traditional grading due to the pandemic, hiring firms that have heavily weighted first-year grades during the on-campus interview process should turn to metrics that allow a more holistic view of a candidate, says Kate Reder Sheikh at Major Lindsey.

  • How To Navigate A Hardening D&O Insurance Market

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    The directors and officers liability insurance market's shift toward favoring sellers, coupled with the potential surge of lawsuits against companies as a result of COVID-19's economic impact, increases the importance of mitigating risks by reexamining existing D&O coverage, say attorneys at Jenner & Block.

  • Nev. Lenders Must Brace For The Next Wave Of Foreclosures

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    As the pandemic's economic effects on Nevada will likely lead to a new wave of homeowners association foreclosure activity, lenders should set up identification and response systems to protect against potential losses of secured interests, say attorneys at Snell & Wilmer.

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