ABA Journal

Bankruptcy Law

1156 ABA Journal Bankruptcy Law articles.

Law prof parents of FTX founder used influence to enrich themselves, suit alleges

Collapsed cryptocurrency exchange FTX Trading has filed a lawsuit alleging that two Stanford Law School professors—the parents of the company’s founder—used their influence to enrich themselves.

Supreme Court temporarily blocks $6B opioid settlement, agrees to consider Sackler family shield

The U.S. Supreme Court on Thursday agreed to consider the propriety of a bankruptcy plan for OxyContin maker Purdue Pharma that shielded the company’s current owners from future civil liability in exchange for a $6 billion payout.

Judge reluctantly tosses second bankruptcy attempt by baby powder maker Johnson & Johnson

A federal bankruptcy judge has reluctantly thwarted Johnson & Johnson’s second attempt to protect itself from claims related to its baby powder through the bankruptcy of a subsidiary created to hold Johnson & Johnson liabilities.

Weekly Briefs: Wire-transfer fraudsters fool 3 law practices; Quinn Emanuel discloses cyberattack

Unwitting money transfers to fraudsters yield reprimands

Three North Carolina lawyers have been reprimanded for separate incidents in which they or their staff members mistakenly transferred real estate money or…

Lawyer sentenced for hiding brother’s bankruptcy assets in attorney trust account

A suspended Chicago-area lawyer was sentenced Tuesday to 37 months in prison for using her attorney trust account to help her brother conceal more than $357,000 from creditors in bankruptcy.

3M faces trial over ‘forever chemicals’ in firefighting foam in ‘bet-the-company’ litigation

3M faces its first trial out of about 4,000 lawsuits claiming that its cancer-linked “forever chemicals” known as PFAs have leached into groundwater.

Appeals court decision allowing release of Sackler family from opioid liability deepens circuit split

A federal appeals court has upheld a bankruptcy plan for Purdue Pharma that shielded the company’s owners from liability in civil opioid lawsuits in exchange for their agreement to contribute up to $6 billion to resolve the litigation.

ABE’s annual grant program sends $300K to 12 innovative projects

Low-income clients overburdened by debt, transgender and nonbinary people who need help changing their names, and youths experiencing homelessness are among the groups supported this year by the American Bar Endowment’s Opportunity Grant Program.

Johnson & Johnson tries once again to settle talc claims through ‘Texas two-step’ bankruptcy

A Johnson & Johnson unit is back in bankruptcy court again, after its first attempt to settle looming talcum powder cases failed because it wasn’t in financial distress.

Bankruptcy judge’s novels appear to be based on me, litigant says in seeking her removal

The former CEO of Highland Capital Management is seeking the recusal of a bankruptcy judge on the ground that she has written two novels that “roundly criticize” the financial industry and include an “evildoer” character who appears to be based on him.

Former BigLaw partner accused of lying to bankruptcy court to keep pricey home, Aston Martin

A former BigLaw lawyer who previously gave up his law license has been arrested for allegedly lying to a bankruptcy court about his ability to pay creditors.

LeClairRyan trustee settles with last president of law firm

LeClairRyan’s bankruptcy trustee has reached a settlement with the defunct law firm’s last president and four lawyers serving on its board in 2019.

Woman whose husband failed to disclose home defects can’t discharge buyer’s award in bankruptcy, SCOTUS rules

A debtor jointly on the hook for a court judgment stemming from her husband’s failure to disclose defects in their renovated home can’t discharge that debt in bankruptcy, the U.S. Supreme Court ruled Wednesday.

3rd Circuit tosses talc defendant’s ‘Texas two-step’ bankruptcy

A federal appeals court has dismissed a petition for Chapter 11 bankruptcy filed by a new unit of Johnson & Johnson that was formed to assume liabilities in litigation over talc contained in its baby powder.

Judge won’t sanction Texas lawyer for missteps after mistaken disclosure of info about Sandy Hook families

Updated: A Connecticut judge has declined to sanction a Texas lawyer representing Infowars host Alex Jones for failing to take proper action after his paralegal mistakenly released confidential documents to the opposing counsel.

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