Johnson & Johnson, which twice failed to use bankruptcy to resolve claims its baby powder caused cancer, is plotting a third Chapter 11 filing, with the potential to spark a circuit split that could put the controversial "Texas Two-Step" maneuver squarely in the U.S. Supreme Court's sights, experts told Law360.
Purdue Pharma and parties to its Chapter 11 proceedings urged the U.S. Supreme Court to uphold a deal releasing the Sacklers from civil claims in exchange for their contributing at least $5.5 billion to the bankruptcy estates for victim compensation and opioid abatement, saying the liability releases are permitted by the U.S. Bankruptcy Code.
U.S. Bankruptcy Judge Cecelia G. Morris ruled in favor of a same-sex couple seeking bankruptcy protection in 2011, before the U.S. Supreme Court declared gay marriage legal, and led an effort to modernize courts by developing the electronic case filing system. In an interview with Law360, she described these as significant moments in her more than 20 years on the bench.
U.S. Bankruptcy Judge Cecelia G. Morris, who presided over cases tied to Bernie Madoff and ruled in favor of a same-sex couple who sought bankruptcy protection, will retire on Jan. 31 after more than 20 years with the U.S. Bankruptcy Court for the Southern District of New York, the court said Thursday.
Biotechnology company Zymergen Inc. on Tuesday filed for Chapter 11 protection in Delaware with both assets and debts of $100 million to $500 million, saying it's seeking an asset sale and aiming to collate securities claims tied to a sharp drop in its share price following a 2021 initial public offering.