Large Cap
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March 31, 2025
Retailer Conn's Gets OK To Pay $2M To B. Riley, Store Dealers
Furniture and appliance retailer Conn's Inc. received a Texas bankruptcy judge's approval Monday to pay a group of former W.S. Badcock dealers about $2 million to settle their potential claims in the Chapter 11 case, under an agreement that calls for the onetime store owners and lender B. Riley to share in proceeds of the Conn's asset sales.
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March 31, 2025
Feds Seek 10 Years For Ex-Girardi CFO's 'Brazen' Crimes
Los Angeles federal prosecutors said Girardi Keese's former head of accounting should spend 10 years in prison after pleading guilty to assisting Tom Girardi in siphoning clients' settlement funds and what the government called a "brazen" side fraud to steal from the firm's operating accounts.
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March 28, 2025
Under The Radar: Bankruptcy News You May Have Missed
A major producer of gypsum products is trying to get a sinkhole claim that is roughly two decades old tossed, a trust for FTX creditors is trying to claw back $90 million in frozen funds, and a talc miner's insurers are asking a court to reject its bankruptcy plan.
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March 28, 2025
Conn's Creditors Object To $4M Award For Lender
The committee of unsecured creditors of bankrupt retailer Conn's Inc. has urged a Texas bankruptcy judge to reject the company's bid to amend its debtor-in-possession financing to pay a lender $4 million to provide apparent adequate protection.
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March 28, 2025
Purdue Lawsuit Injunction Extended Ahead Of Plan Hearings
Bankrupt drugmaker Purdue Pharma LP received a further extension of a bar on litigation against the company and its owners in the Sackler family as the debtor pursues a late May approval of a disclosure statement describing a Chapter 11 plan premised on a $7.4 billion settlement of opioid claims.
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March 28, 2025
Ex-Director Of DOJ's Bankruptcy Watchdog Appeals Removal
The former director of the Department of Justice's U.S. Trustee Program, which oversees bankruptcy proceedings, has filed an appeal of her termination, saying it was without cause and violated her due process rights, according to documents obtained by Law360 on Friday
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March 28, 2025
3rd Circ. Preview: April Arguments Feature Class Action Rows
The Third Circuit's April argument lineup springs into action with securities litigation brought by Walmart investors claiming they were misled about the government's opioid investigation into the company, and a bid to upend an attorney fee award stemming from the settlement of data breach litigation against convenience store chain Wawa.
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March 28, 2025
The Supreme Court's Week: By The Numbers
The U.S. Supreme Court heard five arguments this week, including in cases over the proper venue for challenges to EPA actions and the potential revival of a doctrine not used since the 1930s, while also issuing two rulings, one of them a high-profile decision involving ghost guns. Here, Law360 Pulse takes a data-driven dive into the week that was at the U.S. Supreme Court.
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March 28, 2025
FTX Sitting On $11.4B In Cash To Distribute To Creditors
FTX has $11.4 billion in funds ready to be handed out to creditors, but it still has much work to do to sort out the massive number of claims asserted against the collapsed cryptocurrency exchange, an attorney for the company told a Delaware bankruptcy judge Friday.
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March 27, 2025
Diocese Creditors Gain Access To Abuse Claim Data In Ch. 11
Creditors of the Archdiocese of San Francisco will have access to records of the archdiocese's independent review board after a California bankruptcy judge said production of the documents serve a valid purpose in its Chapter 11 case.
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March 27, 2025
Steward Health, Doctors Vie For $60M Delayed Comp Plan
Troubled hospital operator Steward Health battled against a group of healthcare providers in a Texas bankruptcy court Wednesday and Thursday for control of a pair of delayed compensation trusts worth $60 million, arguing over whether the plans are protected by the Employee Retirement Income Security Act.
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March 27, 2025
Boy Scouts Claimants Lose Appeal To Fix Ch. 11 Opt-In Error
A Delaware federal judge has upheld a bankruptcy court order that childhood sexual abuse survivors who accidentally opted in for a quicker, smaller payment over their claims could not undo that mistake in the Boy Scouts' Chapter 11.
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March 27, 2025
Barretts Mediator Feinberg Blames Committee For Impasse
The mediator in the bankruptcy of talc miner Barretts Minerals Inc. has told a Texas bankruptcy court that Chapter 11 plan talks reached an impasse, saying the unsecured creditors in the case have not shown an "ability or willingness to engage."
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March 27, 2025
American Tire Gets OK For Ch. 11 Plan After Sale To Creditors
A Delaware bankruptcy judge on Thursday confirmed the liquidation plan of American Tire Distributors Inc. after it completed a roughly $835 million sale of its business to a lender group.
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March 27, 2025
Exela Pulled Into Ch. 11 By Stiff Competition, Pandemic Woes
Competing businesses, a ratings downgrade in 2019, impacts from the COVID-19 pandemic and a 2022 network outage led automation service business Exela Technologies to seek bankruptcy protection in early March this year, with a prearranged Chapter 11 reorganization that will be funded by noteholders.
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March 27, 2025
Guo Trustee Settles Clawbacks From Versace, Firms
The Chapter 11 trustee handling convicted Chinese exile Miles Guo's estate has asked a Connecticut bankruptcy judge to approve 10 clawback settlements with Hodgson Russ LLP, BakerHostetler, luxury retailer Versace and others, ending claims totaling $8.6 million but keeping the terms under wraps for six months.
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March 27, 2025
Eletson, Levona Ask 2nd Circ. To Not Delay Atty Removal
The new owners of reorganized international shipping group Eletson and a creditor-turned-affiliate have urged the Second Circuit to nix Reed Smith LLP's emergency motion for a stay in a lawsuit seeking to enforce a $102 million arbitral award, as the law firm fights to continue representing the shipping company's pre-bankruptcy shareholders.
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March 26, 2025
Sotomayor Urges Caution On Nondelegation Doctrine Revamp
U.S. Supreme Court Justice Sonia Sotomayor cautioned her colleagues during oral arguments Wednesday against using a challenge to the Federal Communications Commission's administration of a broadband subsidy program as a way to resurrect the long-dormant nondelegation doctrine. Several conservative justices, however, seemed willing to disregard that admonition.
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March 26, 2025
Ligado Files Plan To Erase Debt, Exit Ch. 11 With New Owners
Satellite communications company Ligado Networks has outlined a plan to emerge from bankruptcy by shedding close to $8 billion of debt and transferring ownership of the business to its lenders.
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March 26, 2025
Yellow Corp. Says It Reached Ch. 11 Plan Deal With Creditors
A Delaware bankruptcy judge agreed Wednesday to delay his decision on $6 billion of contested claims in Yellow Corp.'s Chapter 11 after attorneys for the defunct trucking group said they reached a plan settlement.
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March 26, 2025
Office Snapshot: Butler Snow Trims Nashville Footprint
In response to changing operational needs, including a decreased need for physical storage and a greater need for collaborative spaces, Butler Snow LLP recently moved to a new office in Nashville's historic Germantown district that it said better fits its goals in the fast-growing city.
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March 26, 2025
Justices Rule Ch. 7 Trustee Can't Recover Tax Payments
The U.S. Supreme Court on Wednesday reversed a Tenth Circuit decision allowing the bankruptcy trustee of a defunct Utah company to claw back $145,000 in federal taxes, saying the sections of the Bankruptcy Code relied upon by the trustee provide only a limited waiver of sovereign immunity.
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March 25, 2025
Barretts Says Talc Injury Claims Belong To Ch. 11 Estate
Talc miner Barretts Minerals Inc. sought a Texas bankruptcy court's determination that talc injury claims based on inadequate asbestos testing are property of the estate in its Chapter 11 case, saying the question is a crucial hurdle as the company mediates a potential settlement with its affiliates, unsecured creditors and the future claims representative.
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March 25, 2025
Purdue Mediators Say US Trustee OK With New Releases
The mediators guiding plan negotiations among bankrupt drugmaker Purdue Pharma and its various creditor constituencies said in a Tuesday report that the U.S. Trustee's Office has agreed to release language in the debtor's latest plan after fighting an earlier version all the way to the Supreme Court.
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March 25, 2025
Implant Maker Exactech Updates Ch. 11 Plan Disclosures
Medical implant maker Exactech Inc. on Tuesday filed an updated Chapter 11 plan disclosure in Delaware bankruptcy court, saying it addressed the concerns raised by the court at a hearing last month.
Expert Analysis
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Striking A Balance Between AI Use And Attorney Well-Being
As the legal industry increasingly adopts generative artificial intelligence tools to boost efficiency, leaders must note the hidden costs of increased productivity, and work to protect attorneys’ well-being while unlocking AI’s full potential, says Ed Sohn at Factor.
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Being An Artist Makes Me A Better Lawyer
My work as an artist has highlighted how using creativity and precision together — qualities that are equally essential in both art and law — not only improves outcomes, but also leads to more innovative and thoughtful work, says Sarah La Pearl at Segal McCambridge.
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Bankruptcy Decision Exemplifies Venue Issue For Franchisees
A California bankruptcy court's decision earlier this month in Pinnacle Foods and a lingering circuit split on assumption of executory franchise contracts highlights the issue of whether franchisee debtors can qualify for case venue in friendlier circuits, says David Gamble at Parkins Rubio.
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Lawyers With Disabilities Are Seeking Equity, Not Pity
Attorneys living with disabilities face extra challenges — including the need for special accommodations, the fear of stigmatization and the risk of being tokenized — but if given equitable opportunities, they can still rise to the top of their field, says Kate Reder Sheikh, a former attorney and legal recruiter at Major Lindsey & Africa.
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Judicial Committee Best Venue For Litigation Funding Rules
The Advisory Committee on Civil Rules' recent decision to consider developing a rule for litigation funding disclosure is a welcome development, ensuring that the result will be the product of a thorough, inclusive and deliberative process that appropriately balances all interests, says Stewart Ackerly at Statera Capital.
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The Strategic Advantages Of Appointing A Law Firm CEO
The impact on law firms of the recent CrowdStrike outage underscores that the business of law is no longer merely about providing supplemental support for legal practice — and helps explain why some law firms are appointing dedicated, full-time CEOs to navigate the challenges of the modern legal landscape, says Jennifer Johnson at Calibrate Strategies.
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What Being An 'Insider' Means In Ch. 11, And Why It Matters
As borrowers grapple with approaching near-term maturities on corporate debt, lenders should be proactive in mitigating the risks of being classified as an insider in potential bankruptcies, including heightened scrutiny, preference risk, plan voting and more, say David Hillman and Steve Ma at Proskauer.
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How Cos. Can Build A Strong In-House Pro Bono Program
During this year’s pro bono celebration week, companies should consider some key pointers to grow and maintain a vibrant in-house program for attorneys to provide free legal services for the public good, says Mary Benton at Alston & Bird.
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Navigating The Bankruptcy Terrain After Purdue Pharma
The U.S. Supreme Court’s June ruling in Harrington v. Purdue Pharma is having a significant impact on bankruptcies, with recent cases addressing nonconsensual third-party releases and opt-out mechanisms, and highlighting strategies practitioners can employ to avoid running afoul of the decision, say Brett Axelrod and Agostino Zammiello at Fox Rothschild.
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Use The Right Kind Of Feedback To Help Gen Z Attorneys
Generation Z associates bring unique perspectives and expectations to the workplace, so it’s imperative that supervising attorneys adapt their feedback approach in order to help young lawyers learn and grow — which is good for law firms, too, says Rachael Bosch at Fringe Professional Development.
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How 9th Circ. Ruling Expands Bankruptcy Trustees' Powers
The Ninth Circuit recently held in The Lovering Tubbs Trust v. Hoffman that a trustee can avoid intentionally fraudulent transfers, even if no creditor suffered harm as a result, materially strengthening bankruptcy trustees' powers, say Robert Klyman and Rod Kazempour at DLA Piper.
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State Of The States' AI Legal Ethics Landscape
Over the past year, several state bar associations, as well as the American Bar Association, have released guidance on the ethical use of artificial intelligence in legal practice, all of which share overarching themes and some nuanced differences, say Eric Pacifici and Kevin Henderson at SMB Law Group.
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8 Childhood Lessons That Can Help You Be A Better Attorney
A new school year is underway, marking a fitting time for attorneys to reflect on some fundamental life lessons from early childhood that offer a framework for problems that no legal textbook can solve, say Chris Gismondi and Chris Campbell at DLA Piper.