Chapter 11 has always offered an effective platform for companies seeking to aggregate and resolve large-scale, complex litigation against both debtor and non-debtor parties. While the Bankruptcy Code, in the case of a reorganization, expressly calls for the broad discharge of claims against the debtor entity, there is no specific parallel in the Code that broadly authorizes a release of non-debtor third parties except in the case of asbestos related tort claims.
Originally thrust into the judicial spotlight in the early 2000s following the wave of corporate securities scandals like Enron, the third-party release controversy has recently reached new heights in the wake of high-profile opioid related pharmaceutical company bankruptcies including Purdue Pharma, Mallinckrodt, and other mass tort cases. This ABI Talk featuring Lowenstein’s Jeffrey D. Prol offers attendees background on how courts across the country are viewing third-party releases (both consensual and nonconsensual), practical guidance on the state of play in key jurisdictions, and explores the implications of the Supreme Court’s ruling on the topic in the Purdue Pharma case.
Speakers:
- Jeffrey D. Prol, Partner, Lowenstein Sandler LLP
- Elizabeth M. Lally, Lally Legal Group, LLC
- Christopher J. Redmond, Redmond Law Firm LLC
- Margaret H. VanSkiver, Larson & Company, Inc.
Time: 8:30 a.m. CT
Location: Polsinelli, 900 W 48th Pl, Kansas City, MO 64112
