Business Law

On September 17, 2021, in In re Purdue Pharma L.P., 2021 Bankr. LEXIS 2555 (Bankr. S.D.N.Y. 2021) (“Purdue 1”), United States Bankruptcy Judge Robert Drain confirmed the twelfth amended joint reorganization plan (“Plan”) of debtors Purdue Pharma, L.P. Read more

Court could entertain a class action for violation of the discharge injunction that included putative class members who received their chapter 7 discharges from other bankruptcy courts in other districts. Read more

Court granted motion by the media to unseal redacted filings pertaining to the investigation of potential claims against the Sackler family or their investment vehicles, ruling that the redacted material was not "commercial information" which was excepted from public disclosure under Bankruptcy Code section 107(a). Read more

Pension plan loans are bona fide debts outside of bankruptcy and therefore are recognized as such under the Bankruptcy Code; payments on account of pension loans are transfers and the plan trustee is the initial transferee. Read more

Court limited the application of the doctrine of equitable mootness in reviewing bankruptcy plan confirmation orders, holding that the "virtual unflagging obligation" of an Article III appellate court to exercise subject matter jurisdiction prevented it from ducking a federal question without a rigorous test of whether the review should proceed. Read more

The North American Securities Administrators Association, Inc. (“NASAA”) is seeking public comment on a proposed NASAA Statement of Policy Regarding the Use of Franchise Questionnaires and Acknowledgments. Read more

ERISA does not preempt claims by bankruptcy creditors on behalf of a debtor against directors and officers who were alleged to have inflated the company's stock value to conceal the company's economic decline and benefit insiders. Read more

Dishonest debtor's request for a voluntary dismissal of his chapter 13 case "as a matter of right" under section 1307(b) was properly turned into a dismissal with prejudice under section 349(a). Read more

In 2017, Karen Dal Poggetto (“Dal Poggetto”) filed a petition for dissolution of her marriage with Jerome E. Perryman (the “Debtor”). When the Debtor failed to comply with their marital settlement agreement and the state court’s judgment entered in the dissolution proceeding, Dal Poggetto filed a “Request for Order” in the state court dissolution proceeding seeking, among other things, $3,000 in sanctions and $7,000 in legal fees. Read more

Courtesy of CEB, we are bringing you selected legal developments in areas of California business law that are covered by CEB’s publications.  This month’s feature is from the November 2021 update of Trade Secrets Practice in California.  References are to the book’s section numbers. The most significant legal developments since the last update include developments in such important topic areas as covenants not to compete, trade secret ownership issues in bankruptcy, breach of confidence claims, so-called Desny claims, attorney fees, and fair use.   Read more