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Mass Torts in a World of Settlement$
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Richard A. Nagareda

Print publication date: 2007

Print ISBN-13: 9780226567600

Published to Chicago Scholarship Online: March 2013

DOI: 10.7208/chicago/9780226567624.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 17 February 2020

Bankruptcy Transformed

Bankruptcy Transformed

Chapter:
(p.161) Chapter IX: Bankruptcy Transformed
Source:
Mass Torts in a World of Settlement
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226567624.003.0009

This chapter describes how the defeat of the class settlements in Amchem Products, Inc. v. Windsor and Ortiz v. Fibreboard Corp. has led to even more problematic efforts to replicate those arrangements through “prepackaged” reorganizations of asbestos defendants under § 524(g) of the Bankruptcy Code. It also evaluates how § 524(g) came to dominate peacemaking in asbestos litigation. Section 524(g) would become a blueprint for how private negotiations might largely bypass the conventional reorganization process. The bankruptcy court confirmed the Combustion Engineering prepack, and the district court largely upheld that decision. The dynamics revealed by the Combustion Engineering prepack actually help to point the way toward more productive reform. The most recent addition to the literature on mass tort bankruptcies builds on the insight that reorganization plans allocate not only resources but also risk.

Keywords:   class settlements, asbestos defendants, Bankruptcy Code, asbestos litigation, Combustion Engineering prepack, mass tort, peacemaking

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