American Bankruptcy Institute Journal recently published an article co-authored by Gordon & Rees Philadelphia partner Jacob C. Cohn titled “Ninth Circuit Reverses § 524(g) Plan Confirmation, Upholds Injunction of Insurer Contribution Rights.”
In the article, Cohn discussed the Ninth U.S. Circuit Court of Appeals’ decision to strike down Plant Insulation Co.’s reorganization plan in Fireman’s Fund Insurance Co. v. Plant Insulation Co. The decision reversed the confirmation order on the basis that the plan failed to satisfy § 524(g) provisions requiring that an asbestos trust have the ability to take control of a reorganized debtor under certain circumstances.
The Ninth Circuit also ruled that § 524(g) authorizes an injunction cutting off the valuable-contribution rights of nonsettling insurers against settling insurers without fully compensating the nonsettling insurers for the loss of their legal rights if doing so is “fair and equitable” from the perspective of future claimants, Cohn wrote.
Cohn has 25 years of experience in all aspects of trial and appellate practice in state and federal courts, including the U.S. Supreme Court. He has obtained precedent-setting results for his clients in areas including insurance coverage, class action defense, bankruptcy, civil rights, and constitutional law. He handles a variety of complex, high-stakes cases involving appellate practice, class action defense, policyholder bankruptcies, and insurance coverage. Cohn is rated AV® Preeminent™ by Martindale-Hubbell and has been recognized by Super Lawyers in the fields of Insurance Coverage, Appellate, Bankruptcy, and Business.
To read the article, please click here.