2nd Circ. Says 'Buyer Beware' In GM Ruling On Ch. 11 Sale
Law360, New York (July 15, 2016, 8:59 PM EDT) -- By reviving ignition-switch claims against General Motors, the Second Circuit has sent a strong message that the “free and clear” provisions of a Chapter 11 sale will not necessarily shield a purchaser from liability if the seller fails to notify parties that could have potential claims against a debtor.
That was one of the major takeaways after the federal appeals court reversed a 2015 bankruptcy court order shielding New GM from billions of dollars in possible liability arising from a deadly ignition-switch defect, attorneys said. With the decision, GM now faces additional legal claims arising from defective vehicles it sold before its 2009...
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