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Articles by Jonathan C. Lipson
Texas Two-Step Spat Revival Deserves Supreme Court’s Attention Original
Must a debtor be in financial distress to be in bankruptcy? This is essentially the question presented by the petition for a writ of certiorari to the US Supreme Court filed by the Official Committee of Asbestos Claimants in Bestwall LLC’s Chapter 11 bankruptcy case.
Supreme Court rejects settlement with OxyContin maker Purdue Pharma over legal protections for the Sackler family that owned the company
The Supreme Court ruled 5-4 against an estimated US$6 billion Purdue Pharma bankruptcy plan on June 27, 2024, that would have shielded the Sackler family – which owned and controlled the company – from legal liability. Hundreds of thousands of Americans have died from opioid-related overdoses since Purdue rolled out OxyContin in 1996. The company helped spur a public health crisis through its deceptive marketing and aggressive sales of OxyContin, a prescription opioid painkiller.
Supreme Court rejects settlement with OxyContin maker Purdue Pharma Original
The Supreme Court ruled 5-4 against an estimated US$6 billion Purdue Pharma bankruptcy plan on Thursday, 27 June, 2024, that would have shielded the Sackler family – which owned and controlled the company – from legal liability. Source: © fotoknips - Fotolia.com Hundreds of thousands of Americans have died from opioid-related overdoses since Purdue rolled out OxyContin in 1996.
Supreme Court rejects settlement with OxyContin maker Purdue Pharma over legal protections for the Sackler family that owned the company
The Supreme Court ruled 5-4 against an estimated US$6 billion Purdue Pharma bankruptcy plan on June 27, 2024, that would have shielded the Sackler family - which owned and controlled the company - from legal liability.
Supreme Court rejects settlement with OxyContin maker Purdue Pharma over legal protections for the Sackler family that owned the company
Supreme Court rejects settlement with OxyContin maker Purdue Pharma over legal protections for the Sackler family that owned the company
Supreme Court rejects settlement with OxyContin maker Purdue Pharma over legal protections for the Sackler family that owned the company
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Supreme Court rejects settlement with OxyContin maker Purdue Pharma over legal protections for the Sackler family that owned the company Original
The Supreme Court ruled 5-4 against an estimated US$6 billion Purdue Pharma bankruptcy plan on June 27, 2024, that would have shielded the Sackler family – which owned and controlled the company – from legal liability. Hundreds of thousands of Americans have died from opioid-related overdoses since Purdue rolled out OxyContin in 1996. The company helped spur a public health crisis through its deceptive marketing and aggressive sales of OxyContin, a prescription opioid painkiller.
Supreme Court rejects settlement with OxyContin maker Purdue Pharma over legal protections for the Sackler family that owned the company
Michael A. McCoy/The Washington Post via Getty Images The Supreme Court ruled 5-4 against an estimated US$6 billion Purdue Pharma bankruptcy plan on June 27, 2024, that would have shielded the Sackler family – which owned and controlled the company – from legal liability. Hundreds of thousands of Americans have died from opioid-related overdoses since Purdue rolled out OxyContin in 1996.
Supreme Court rejects settlement with OxyContin maker Purdue Pharma over legal protections for the Sackler family that owned the company
(The Conversation is an independent and nonprofit source of news, analysis and commentary from academic experts.) kAmW%wt r~}'t#$p%x~}X %96 $FAC6>6 r@FCE CF=65 d\c 282:?DE 2? 6DE:>2E65 k2 9C67lQ9EEADi^^HHH]@J6K]@C8^42D6D^a_ab^ab\`acQm&$Se 3:==:@? !FC5F6 !92C>2 32?<CFAE4J A=2?k^2m @?
Analysis: Purdue pharma case and SA law impacts Original
Nastascha Harduth, director in the dispute sector at corporate and commercial law firm, Cliffe Dekker Hofmeyr (CDH), provides commentary on the US Supreme Court decision on Purdue Pharma's bankruptcy plan and its implications under South African law: Between 1999 and 2019, approximately 247,000 people in the United States died from prescription-opioid overdoses. Respondent Purdue Pharma, owned by the Sackler family, marketed OxyContin, an opioid pain reliever.
Purdue Pharma Victims Are Getting Caught in Bureaucracy of Harm
Proponents of the controversial plan to reorganize OxyContin maker Purdue Pharma LP proclaim that victims will recover up to $750 million to compensate for devastating harms. The bankruptcy plan remains in appellate limbo due to a request by the Department of Justice to stay its implementation. Many supporters point to “overwhelming” encouragement, including from personal injury creditors.
Purdue Pharma Victims Are Getting Caught in Bureaucracy of Harm
Proponents of the controversial plan to reorganize OxyContin maker Purdue Pharma LP proclaim that victims will recover up to $750 million to compensate for devastating harms. The bankruptcy plan remains in appellate limbo due to a request by the Department of Justice to stay its implementation. Many supporters point to “overwhelming” encouragement, including from personal injury creditors.
Purdue Pharma Victims Are Getting Caught in Bureaucracy of Harm
Proponents of the controversial plan to reorganize OxyContin maker Purdue Pharma LP proclaim that victims will recover up to $750 million to compensate for devastating harms. The bankruptcy plan remains in appellate limbo due to a request by the Department of Justice to stay its implementation. Many supporters point to “overwhelming” encouragement, including from personal injury creditors.
Credit Slips
If you have followed me this far--and it's understandable if you haven't--you might be curious to know what ultimately came of LoPucki's Big-Bankruptcy Empirical Research Conference, which I "live-blogged" (is that a verb?) yesterday. The short answer: It's all about jack-knifing and pencils in Zimbabwe. Huh? Background: Nothing gets academics’ dander up like debates about methodology. For legal academics, this often breaks into two related clashes.
Opinion | The Sacklers’ Last Poison Pill
A trapdoor in the Justice Department deal with the family’s company might enable them to escape a full accounting of their part in the opioid epidemic. By Jonathan C. Lipson and Gerald Posner Jonathan C. Lipson is a law professor. Gerald Posner is an author and investigative journalist. Dec.
Model Standstill and Tolling Agreement for COVID-19 Pandemic
As we write, the COVID-19 pandemic is having a profound, and profoundly unpredictable, effect on the economy.* We profess no knowledge as to what lies ahead, or the timetable on which it will unfold. Indeed, this unknowing is precisely what led us to produce the model standstill and tolling agreement we describe below (and which you can access here in an annotated version and here in a version without annotations).
The Sound of Awkward Silence: Contract Social Responsibility (Part 6)
I wanted to start this, my final post, by thanking the keepers of CoOp for allowing me to blog here this month, as I try to sort out my thoughts about contract social responsibility (KSR), the idea that contracts might seek a form of social justice, e.g., eliminating slavery through supply chain agreements or racial discrimination through “inclusion riders” in movie production contracts.
What’s Theory Got To Do With It? Contract Social Responsibility (Part 5)
Prior posts have developed the claim that contract is being used to achieve “social responsibility,” e.g., protecting labor-rights and the environment in supply chain contracts, and preventing racial discrimination in “inclusion riders.” Assuming parties contract for social responsibility (“KSR”), what might legal theory say about it?
Get Out! Jevic To Liquidate After Post-SCOTUS Deal Fails
Last Monday (May 21, 2018), the Bankruptcy Court for the District of Delaware converted the chapter 11 bankruptcy of Jevic Transportation Corp. to a chapter 7 liquidation. This means that the ten-year effort to “reorganize” the former trucking company will become a straight liquidation supervised by a trustee.
Enforce This! Contract (as) Social Responsibility (Part 4)
A prior post made two basic points about the ABA’s Model Terms to protect human rights in the supply chain (Model Terms) as an example of “contract (as) social responsibility” (KSR): (i) they say nothing about substantive human rights standards (and that may be OK), and (ii) the desire to implement these standards through KSR terms may conflict with a desire to limit the buyer’s legal exposure for their violation.
Why is Business Law Education So Bad? Value-Creation by Law Professors
The question posed in the title of this post—why is business law education so bad?—was first asked in a famous and provocative 1984 paper by Stanford law professor Ronald Gilson, Value Creation by Lawyers. That paper is best known for developing a micro-economic answer to a different—but ultimately related—question: Why would anybody pay for business transactional lawyering? And, if no one would (or should) pay for those services, why should anyone pay (or be paid) to learn (or teach) them?
Contract (as) Social Responsibility (Part 3): Model Contract Terms
My prior posts (#1 and #2) set up the idea that contract appears to be an increasingly attractive way to do some sort of “social justice,” for example by attempting to reduce labor trafficking in supply chain contracts. I refer to this generally as “contract (as) social responsibility” (KSR).
Contract (as) Social Responsibility (Part 2): Defined Terms
An earlier post set up the month’s agenda: explore theoretical, doctrinal, and empirical opportunities presented by “contract (as) social responsibility” (KSR). Before going further, it may be useful to provide some examples and define what I mean by KSR. Labor-related terms in supply chain contracts, discussed in the prior post, are a well-known example of KSR, but not the only one.
Bad Bankruptcy
Although I hope to spend most of May talking about “Contract (as) Social Responsibility,” today’s news that Cambridge Analytica is going into bankruptcy (and the English counterpart) reminds me that an important, severely undertheorized question about corporate bankruptcy is whether, or to what extent, questions of morality and ethics matter in this context? We know that Congress takes the morality of consumer debtors seriously.
Contract (as) Social Responsibility (Part 1): Revenge of the Nerds
On a sunny Saturday morning in April I found myself in an airless room in an exceptionally beige Orlando conference hotel discussing what would, to many, be the nadir of contract nerd-dom: model supply chain terms. Supply chain agreements set forth the rights and responsibilities of buyers and sellers of goods that lead to products that affect just about everyone who participates in the market economy.
Trump’s pathetic bankruptcy past shows through in GOP’s fantasyland tax bill - Daily Times
This week, Congress passed the bill formerly known as the “Tax Cuts and Jobs Act” with the support of 278 House and Senate Republicans. At any other time, it would be hard to imagine that congressional Republicans could support major tax legislation drafted in such haste and with so little regard for distributional consequences. It is even harder to imagine that Republican deficit hawks would support such a fiscally reckless and unprincipled bill.
OPINION: Trump bankruptcies offer model for tax plan
Last week, Congress passed the bill formerly known as the “Tax Cuts and Jobs Act” with the support of 278 House and Senate Republicans. At any other time, it would be hard to imagine that congressional Republicans could support major tax legislation drafted in such haste and with so little regard for distributional consequences. It is even harder to imagine that Republican deficit hawks would support such a fiscally reckless and unprincipled bill.
The Bankruptcy of Republican Tax Reform | RealClearMarkets
The Republican members of Congress took a lesson from the president's playbook: Buy extravagantly today, and have someone else foot the bill tomorrow.
Trump's pathetic bankruptcy past shows through in GOP's fantasyland tax bill
The Republican members of Congress took a lesson from the president's playbook: Buy extravagantly today, and have someone else foot the bill tomorrow. This week, Congress passed the bill formerly known as the “Tax Cuts and Jobs Act” with the support of 278 House and Senate Republicans. At any other time, it would be hard to imagine that congressional Republicans could support major tax legislation drafted in such haste and with so little regard for distributional consequences.
Hillary Clinton's email scandal vs. Donald Trumps Atlantic City bankruptcy: The Taj Mahal's closing is more relevant than any October surprise
The possible discovery of more Hillary Clinton emails may be the “October surprise” that Donald Trump has been waiting for. “This changes everything,” he said. But it does not change the disastrous performance of his Atlantic City casinos: the Plaza, Marina, and Taj Mahal. All have now closed—the Taj most recently, on October 10. And, under his management, all lost more jobs and money than others in Atlantic City.
Can Trump Create Millions of Jobs? Don't Bet On It
Donald Trump claims he should be president in part because he has succeeded at creating jobs and businesses. While the foundation of his business empire was in New York real estate and construction -- thanks to "a million-dollar loan" from his father -- he spent about 25 years owning and/or managing casinos in Atlantic City, which sought to rival Las Vegas as America's gambling capital. These experiences, he argues, make him uniquely qualified for the Oval Office.
Can Trump Create Millions of Jobs? Don’t Bet On It
Donald Trump claims he should be president in part because he has succeeded at creating jobs and businesses. While the foundation of his business empire was in New York real estate and construction – thanks to “a million-dollar loan” from his father – he spent about 25 years owning and/or managing casinos in Atlantic City, which sought to rival Las Vegas as America’s gambling capital. These experiences, he argues, make him uniquely qualified for the oval office.
AC Is a Reminder That Trump Won't Create Jobs | RealClearMarkets
The Democratic Party could have blocked the rise of Donald Trump years ago if it had just listened. The story of Trump’s amazingly successful movement is also the story of how Democrats turned their backs on their... more »
Donald Trump is not a job-creating expert: His Atlantic City casinos failed at keeping people employed
Donald Trump claims he should be president in part because he has succeeded at creating jobs and businesses. While the foundation of his business empire was in New York real estate and construction – thanks to “a million-dollar loan” from his father — he spent about 25 years owning and/or managing casinos in Atlantic City, which sought to rival Las Vegas as America’s gambling capital. These experiences, he argues, make him uniquely qualified for the Oval Office.
Donald Trump Isn’t Going to Create Jobs
Trump’s business background is one of the top reasons people cite for supporting him. His claims of corporate success and the creation of “tens of thousands” of jobs invite scrutiny, however, which I provide in my new working paper, “Making America Worse: Jobs and Money at Trump Casinos, 1997-2010.” In the paper, I compare the performance of his three Atlantic City casinos – the Trump Taj Mahal, the Trump Plaza, and the Trump Marina – against that of their rivals over a 14-year period.
Data show Donald Trump's casinos were worst performers in Atlantic City
Donald Trump claims he should be president in part because he has succeeded at creating jobs and businesses. While the foundation of his business empire was in New York real estate and construction – thanks to "a million-dollar loan" from his father – he spent about 25 years owning and/or managing casinos in Atlantic City, which sought to rival Las Vegas as America's gambling capital. These experiences, he argues, make him uniquely qualified for the Oval Office.
Trump still can ride ‘bankruptcy campaign’ to victory
Donald Trump’s campaign for president often seems baffling. That’s because he is playing a very different game from what we expect in general elections. He learned it in bankruptcy proceedings. Having taken his Atlantic City casinos through bankruptcy multiple times, this is a game Trump knows how to play and win – at least for himself, if not necessarily for his companies or others who might depend on him.
Can Trump create millions of jobs? Don't bet on it
Donald Trump claims he should be president in part because he has succeeded at creating jobs and businesses. While the foundation of his business empire was in New York real estate and construction – thanks to “a million-dollar loan” from his father – he spent about 25 years owning and/or managing casinos in Atlantic City, which sought to rival Las Vegas as America’s gambling capital. These experiences, he argues, make him uniquely qualified for the Oval Office.
How Bankruptcies Shaped Trump's Political Style | RealClearMarkets
The battle over your personal economic future and finances currently being fought not between politicians, but between businessmen – Republican Presidential candidate Donald Trump and Dallas Maverick owner Mark Cuban. Cuban... more »
Bankruptcies shaped Trump political style: Column
Donald Trump’s campaign for president often seems baffling. That’s because he is playing a very different game from what we expect in general elections. He learned it in bankruptcy proceedings. Having taken his Atlantic City casinos through bankruptcy multiple times, this is a game Trump knows how to play and win — at least for himself, if not necessarily for his companies or others who may depend on him.
What ITT Tech Students Need To Know As They Plan For Their Future - Voices at Temple
What ITT Tech Students Need To Know As They Plan For Their Future Professor Jonathan Lipson is quoted in this Philadelphia Business Journal article about the closure of ITT Tech. Read the Full Article Related
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