Fourth Circuit says there’s nothing in the Bankruptcy Code requiring ‘anti-fraud’ provisions in a mass tort chapter 11 plan. The appeals court also holds that an ‘asbestos’ plan isn’t filed in bad faith when the plan gives an insurer no more rights than the insurer has under its policy.

The Fourth Circuit wrote a scholarly (and dense) opinion differentiating among bankruptcy standing, bankruptcy appellate standing and constitutional standing.

Res judicata does not apply to ‘deemed allowed’ claims.