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| vol 17, num 1 | April 2022 |
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| Nonconsensual Third-Party Releases and Legislative Efforts to Limit Them |
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Gina M. Young
Dentons
Louisville, Ky. |
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| Nonconsensual third-party releases in bankruptcy are the hot topic of debate recently. Even though there is no provision of the Bankruptcy Code that expressly authorizes these releases, no Code provision prohibits them, either. Therefore (drumroll), different circuits have different views on third-party releases, and because Congress is not always hot and heavy on the Bankruptcy Code, these splits tend to slowly get worked out in the appellate court process. But in what seems to be a reaction to some high-profile cases, some legislators have made efforts to ban nonconsensual third-party releases. |
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| Executive Order on Digital Assets |
| “Digital assets, including cryptocurrencies, have seen explosive growth in recent years, surpassing a $3 trillion market cap last November and up from $14 billion just five years prior. Surveys suggest that around 16 percent of adult Americans — approximately 40 million people — have invested in, traded, or used cryptocurrencies.” — White House Fact Sheet.
The rapid rise of the digital-asset marketplace has led one recent commentator to argue forcefully for the U.S. to develop a “cogent and comprehensive approach to managing crypto assets” in bankruptcy proceedings. On March 9, 2022, President Biden issued an “Executive Order on Ensuring Responsible Development of Digital Assets” (available here). The Order seeks to promote the development of a comprehensive national digital asset strategy. Although the Order does not by itself directly impact the treatment of digital assets in bankruptcy, insolvency professionals should be familiar with the basic framework of the Order.
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| ANNOUNCING OUR COMMITTEE'S PANEL AT THE ANNUAL SPRING MEETING! |
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| ABI is pleased to announce the in-person return of the Annual Spring Meeting. Always one of the most significant annual gatherings of bankruptcy and insolvency professionals in the country, ABI's Annual Spring Meeting provides the ultimate in learning and networking opportunities for the insolvency community — both in person and online.
Join The Commercial and Regulatory Law Committee and the Bankruptcy Litigation Committee for their panel, "Reevaluating Class Proofs of Claim."
This panel will focus on the distinction between mass tort claims and other types of class actions, recent case law addressing the proper procedures for asserting class claims, allowance of class claims and compensation of class counsel, and the final resolutions of class claims, either by way of settlement or pursuant to plans. Other cutting-edge issues surrounding class claims will be discussed.
Speakers for this panel include:
- Jeffrey Garfinkle, Buchlater - Irvine, CA
- Hon. Kevin J. Carey (ret.), Hogan Lovells; Philadelphia
- René S. Roupinian , Raisner Roupinian LLP; New York
- Matt Dundon , Dundon Advisors; White Plains, New York
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