Reporting from CNBC indicates that Purdue Pharma, the maker of OxyContin, has proposed a $10 billion plan to exit bankruptcy. According to sources, the exit plan not only includes a significant contribution of more than $4 billion from members of the Sackler family who own the Connecticut-based pharmaceutical giant, but also calls for the pharmaceutical
In a post for Appellate.net, Restructuring partner Aaron Gavant and associate Samuel Rabuck and Supreme Court & Appellate partner Nicole A. Saharsky summarize the Supreme Court’s recent decision in Chicago v. Fulton.
The Wall Street Journal reports that U.S. consumer retail spending rose 1.9% in September 2020. September is the fifth straight month of retail sales growth according to the United States Department of Commerce. [WSJ; Oct. 16, 2020]
The U.S. Supreme Court heard oral arguments in City of Chicago, Illinois v. Robbin L. Fulton, et al.
Reporting from Bloomberg indicates that April 2020 consumer spending in the United States dropped 13.6% from March, which is the sharpest month-over-month drop in approximately 60 years’ worth of consumer spending data maintained by the Commerce Department. [Bloomberg; May 29, 2020]
The Wall Street Journal reports that 24 Hour Fitness Worldwide Inc. is seeking a
In its February 25, 2020, decision in Rodriguez v. FDIC, the US Supreme Court unanimously rejected the “Bob Richards rule” (so named for a 1973 Ninth Circuit decision) and held that federal common law does not govern the allocation of tax refunds within a consolidated corporate group in the absence of a tax allocation agreement to the contrary.1 The decision is likely to have significant implications with respect to inter-corporate disputes over the proper allocation of tax refunds.2