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US Logistics Liquidation Comes Amid Industry Headwinds
A lender cutting off funding may have been the direct cause of trucking company U.S. Logistics Solutions Inc. filing for Chapter 7 liquidation in Texas, but it came amid a challenging environment for truck carriers.
![Opioid Crisis Purdue Bankruptcy
FILE - In this Sept. 12, 2019, file photo, cars pass Purdue Pharma headquarters at night in Stamford, Conn. OxyContin maker Purdue Pharma should not be able to make any more political contributions without a judge's permission, lawyers for its creditors said in a Friday, July 10, 2020 court filing. (AP Photo/Frank Franklin II, File)](https://assets.law360news.com/1852000/1852662/210d450d3bdb1d559ec86326bfcab81c992cbc99-7d8feec313404776b90f5632c34d7016_opioid_crisis_purdue_bankruptcy_13651_5046x3365.jpg)
Nixed Purdue Ch. 11 Plan May Leave States Ready For A Fight
State attorneys general across the country could be gearing up for more opioid-related litigation against the Sackler family after the U.S. Supreme Court wiped out a $5.5 billion third-party release for the owners of bankrupt drugmaker Purdue Pharma LP, experts told Law360.
![U.S. Supreme Court Justice Brett Kavanaugh answers questions during judicial conference, Friday, May 10, 2024, in Austin, Texas. (AP Photo/Eric Gay)](https://assets.law360news.com/1852000/1852505/2647189483c51b5101197db436a74ac337f7a4e9-supreme_court_kavanaugh_71477.jpg)
Kavanaugh Rips 'Ruinous' Decision To Kill 3rd Party Releases
In a fiery dissent to the U.S. Supreme Court's split ruling Thursday that eviscerated Purdue Pharma LP's reorganization plan and, along with it, nonconsensual third-party releases in Chapter 11 cases, Justice Brett M. Kavanaugh became the champion of the bankruptcy system, defending its practicality — especially in mass tort cases.
Large Cap More
By knocking down a powerful precedent that has towered over administrative law for 40 years, the U.S. Supreme Court's right wing Friday gave a crowning achievement to anti-agency attorneys. But for those attor... (more story)
Catch up on this week's key developments by state from Law360 Real Estate Authority — including the U.S. Supreme Court's ruling on an Oregon town's anti-camping ordinance, government incentives for manufacture... (more story)
Tom Girardi's defense team can call a doctor to testify at his upcoming trial as to a potential "mental condition" that they say might indirectly have bearing on his intent to defraud clients, a California fed... (more story)
The U.S. Supreme Court's decision to overrule a decades-old judicial deference doctrine may cause the "eternal fog of uncertainty" surrounding federal agency actions to dissipate and level the playing field in... (more story)
A New Jersey bankruptcy judge Friday approved pharmacy chain Rite Aid's Chapter 11 restructuring plan after the company said it had resolved objections from its insurance carriers to how the plan treats their policies.
Tom Girardi told a California federal judge that FBI agents violated his constitutional rights by obtaining evidence from his law firm's bankruptcy trustee without a search warrant, an argument that, if succes... (more story)
A Delaware bankruptcy judge on Friday signed off on Cano Health Inc.'s Chapter 11 plan to resolve nearly a billion dollars in debt, saying it was created in good faith and met the requirements for confirmation.
A North Carolina federal judge has signed off on a $4 million deal to resolve two class actions over an electronic patient recordkeeping and billing company allegedly failing to give truthful, timely notice to... (more story)
Attorneys who brokered a $13 million settlement on behalf of investors in special purpose acquisition company Pioneer Merger Corp. will receive about 30% of that settlement fund, minus nearly $100,000 that wil... (more story)
The U.S. Supreme Court's decision Thursday banning bankruptcy judges from forcing non-debtor third parties to release claims against other non-debtors quickly reshaped a proposed Chapter 11 plan for a Connecti... (more story)
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After the collapse of a California debt relief firm last year amid allegations of fraud, a bankruptcy judge signed off on a plan to allow a new firm to begin providing services for thousands of affected client... (more story)
At its confirmation hearing Friday, Mercon Coffee Corp. said it needs more time to brief a New York bankruptcy judge on why certain employees are eligible for releases that were meant to keep them at the company.
The litigation trustee in defunct cybersecurity startup NS8's Chapter 11 said co-founder David Hansen must return over $5 million to the bankruptcy estate, alleging in a lawsuit in the Delaware bankruptcy cour... (more story)
Wireless telecommunications equipment maker Airspan Networks received court approval for its prepackaged Chapter 11 plan Friday in Delaware, paving the way for a $200 million debt-for-equity transaction that t... (more story)
Basic Fun Inc., the toy-maker behind Lincoln Logs and Tinker Toys, filed for Chapter 11 bankruptcy Friday in a Delaware bankruptcy court, listing less than $100 million in assets and liabilities each.
An estate owes $4.9 million in tax liabilities for a couple's scheme to artificially cancel out their capital gains, the federal government said in a complaint in Michigan federal court, arguing that the Son-o... (more story)
Manolete Partners PLC has sued MSR Partners LLP for £15.6 million ($19.7 million), alleging that the accounting firm failed in auditing a peer-to-peer lending platform that went into administration in 2019.
Colombian consumer lending giant Credivalores-Crediservicios and an ad hoc group of noteholders on Thursday disputed the legitimacy of a vote count that would determine whether the lender's prepackaged Chapter... (more story)
A Canadian diamond polisher urged a Michigan federal judge to keep alive its suit alleging that a lab-grown diamond company's private equity owner knew it couldn't make good on its promise to fund new faciliti... (more story)
Music store chain Sam Ash Music Corp. asked the New Jersey bankruptcy judge overseeing its Chapter 11 case to allow it to enter a $15.2 million asset purchase agreement with its winning bidder, Mexican retaile... (more story)