Description
On December 16, 2021, the district court in the Southern District of New York overturned the Bankruptcy Court’s confirmation of Perdue Pharma’s Chapter 11 plan. In overturning the decision, the district court ruled that the Bankruptcy Code does not permit the granting of non-consensual third party releases to non-debtor third parties outside of the asbestos context. Judge McMahon said, “this issue has hovered over bankruptcy law for thirty-five years — ever since Congress added §§ 524(g) and (h)8 to the Bankruptcy Code. It must be put to rest sometime; at least in this circuit, it should be put to rest now." This course will provide an update on the Purdue Pharma case, and explore various resources from Law360, Practical Guidance, and Lexis that are available to tackle and understand third-party releases.