The Supreme Court agreed on May 2 to take a case about whether a bankrupt debtor can escape liability for a debt arising out of someone else’s fraudulent act. Kate Bartenwerfer, who filed for bankruptcy after an ill-fated real estate deal, appealed after the often-reversed U.S. Court of Appeals for the 9th Circuit ruled she…
Supreme Court to Look at Whether One Spouse Can Be Held Liable for the Other’s Fraud in Bankruptcy
Purdue’s Sackler Owners Propose up to $6 Billion Opioid Settlement
The Sackler family owners of Purdue Pharma LP have proposed a new and larger settlement worth up to $6 billion to resolve allegations that the OxyContin maker and its owners contributed to the deadly U.S. opioid epidemic, a mediator’s report showed on Friday. The mediator, U.S. Bankruptcy Judge Shelley Chapman, has been overseeing talks between…
Purdue Pharma Bankruptcy Mediator Says Sacklers, US States Closer to Deal Over Opioid Claims
A mediator reported on Tuesday that members of the Sackler family that own Purdue Pharma and U.S. states opposed to the OxyContin-maker’s bankruptcy exit plan are “even closer” to a settlement over claims that the company fueled a U.S. opioid epidemic. The mediator asked a bankruptcy judge to extend the deadline for negotiations to Feb….
Calisto Tanzi, Parmalat Founder Convicted Over Huge 2003 Bankruptcy, Dies at 83
ROME-—Businessman Calisto Tanzi, who transformed a small family milk company into the multi-national food powerhouse Parmalat only to see it collapse in one of Italy’s biggest fraudulent bankruptcies, died on Saturday, aged 83. Tanzi died of pneumonia in a hospital in Parma, the city in central Italy where he had made his fortune, his family…
Purdue Bankruptcy Judge Extends Temporary Litigation Shield for Sacklers
A bankruptcy judge has extended temporary protections against opioid-related litigation for the Sackler family members who own Purdue Pharma until Feb. 1 after another judge overturned the OxyContin maker’s bankruptcy settlement this month. U.S. Bankruptcy Judge Robert Drain in White Plains, New York, extended the litigation shield on Wednesday, giving Purdue and the Sacklers time…
Beijing Responds to the Gravity of China’s Financial Risk
Commentary After dithering for months, Beijing has made its intentions explicit. It will execute a plan to deal with the Evergrande threat to China’s financial system and by extension to the global financial system. There was action a couple of weeks ago, hinted at Beijing’s hand, when a state-owned enterprise paid a handsome sum for…
Johnson & Johnson Puts Talc Liabilities Into Bankruptcy
Johnson & Johnson (J&J) on Thursday put into bankruptcy tens of thousands of legal claims alleging its Baby Powder and other talc-based products caused cancer, offloading the potential liabilities into a newly created subsidiary. J&J put the talc claims into an entity called LTL Management LLC, which filed for bankruptcy protection on Thursday in North…
Unpaid by Evergrande, Supplier Sells Porsche and Home to Rescue His Business
GUANGZHOU, China—Guo Hui, whose cleaning business is owed 20 million yuan ($3.1 million) by embattled real estate giant China Evergrande, is counting on the government to fix a crisis that has left his own company on the brink of bankruptcy. In the meantime, the 50-year-old known by friends and colleagues as “Brother Hui”, has sold…
Boy Scouts Get Conditional Approval of $850 Million Bankruptcy Deal
August 20, 2021
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DOVER, Del.—A bankruptcy judge on Thursday approved a proposal by the Boy Scouts of America (BSA) to enter into an agreement that includes an $850 million fund to compensate tens of thousands of men who say they were sexually abused as youngsters by Scout leaders and others. But the judge also rejected two key provisions…
Purdue Pharma Exit Plan Gains Steam With OK From More States
OxyContin maker Purdue Pharma’s plan to reorganize into a new entity that helps combat the U.S. opioid epidemic got a big boost as 15 states that had previously opposed the new business model now support it. The agreement from multiple state attorneys general, including those who had most aggressively opposed Purdue’s original settlement proposal, was…
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