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Chapter 11 › Exculpatory Clauses

Jones Day

Fifth Circuit Reins in Bankruptcy Court Gatekeeping in Chapter 11 Plans

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Provisions in chapter 11 plans releasing non-debtors from liability for pre-bankruptcy conduct in exchange for funding for plan distributions or post-confirmation operations have long been used as a means to facilitate...more

Jones Day

Texas District Court: Equitable Mootness Doctrine Does Not Preclude Appellate Review of Chapter 11 Plan Exculpation Clause

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Exculpation clauses limiting the liability of certain entities for actions taken in connection with a bankruptcy case are a common feature of chapter 11 plans. However, courts disagree over the permitted scope of such...more

Vinson & Elkins LLP

District Court in Virginia Continues Questioning of Third-Party Releases – At Least in the Absence of Detailed Findings of...

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Judge Colleen McMahon recently opined in Purdue1 that “the lower courts desperately need a clear answer” as to the validity of third-party releases. On January 13, 2022, the United States District Court for the Eastern...more

Lowenstein Sandler LLP

Exculpation Ruling Shows Danger Of Overbroad Clauses

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It is common that accountants seek to limit their liability to a client in the event of malpractice. Typically, in the retention agreement, the liability is limited to the amount of fees paid by the client to the accounting...more

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