 | | Featured Premium Content | | | | | ABI Journal: Mass Tort Bankruptcy Settlements in Purdue’s Wake
After the U.S. Supreme Court’s Purdue decision, the resolution of claims by third parties against nondebtors, even if they relate closely to claims held by the debtor’s bankruptcy estate, cannot be imposed on affected third-party claimants without their consent. Purdue did not, however, obviate issues raised in bankruptcy cases by overlapping claims of debtors and third parties against nondebtors, according to an analysis in the ABI Journal. READ MORE | | | | |  | | Editor's Picks | | | | | Judiciary Seeks 71 Judgeships to Meet Growing Caseloads
The Judicial Conference of the United States today agreed to recommend to Congress the creation of new district and court of appeals judgeships as the Judiciary faces a worsening shortage of Article III judges and caseloads continue to mount, according to a U.S. Courts press release. Approved by the federal Judiciary’s national policy-making body at its biannual meeting in Washington, D.C., the Judiciary asked Congress to create two judgeships in the courts of appeals and 69 judgeships in district courts, where the need is greatest. READ MORE | | Top Law Firms Defend Overhaul of America’s Business Court
As Delaware lawmakers prepare to hold hearings tomorrow about a bill that could reshape corporate America, some of the biggest corporate law firms are coming out in favor of it, the New York Times reported. On Tuesday, 21 law firms — including Simpson Thacher and Bartlett; Cravath, Swaine & Moore; and Paul, Weiss, Rifkind, Wharton & Garrison — will publish a letter strongly supporting legislation that would override a series of decisions by the Delaware Court of Chancery. These rulings have prompted backlash from companies and led many, including Meta, to contemplate moving their incorporation outside the state. READ MORE | | KDHX Files for Chapter 11 Protection
St. Louis community radio station KDHX has filed for chapter 11 protection, Fox2Now.com reported. The filing comes after a tumultuous period for the station, which saw the loss of 24 of its 80 volunteer disc jockeys in September 2023 due to firings or walkouts, significantly affecting its revenue. In January of this year, 16 former volunteers filed a lawsuit against KDHX, adding to the station’s financial and operational challenges. READ MORE
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April 24-26 | Washington, D.C. | | | | |  | | Daily Roundup | | | | | Insight Hospital Trumbull Stops Patient Admissions Due to Steward's Bankruptcy
Insight Hospital and Medical Center Trumbull in Warren, Ohio, announced yesterday that it will be stopping their patient admissions for non-emergencies due to developments in Steward's bankruptcy. According to a memo sent to all employees at the hospital, Steward has decided to begin selling its management functions to a third party following a bankruptcy hearing to cover its debt without the consent of Insight. In the document from the chapter 11 bankruptcy hearing, these management functions and assets were sold to Golden Sun TSA Services, an affiliate of Tennesee-based Quorum Health. READ MORE | | A Leading Bid Has Come in for Gershman Hall, the Final UArts Building for Sale Through Bankruptcy
A leading bid has come in for the final of nine University of the Arts buildings being sold through the bankruptcy process, following the school’s closure last June, the Philadelphia Inquirer reported. DSA 401 Lifetime LLC, a Delaware limited liability company, has bid $6.7 million for Gershman Hall, a theater and educational building. The company is connected to Lubert-Adler LP, an institutional real estate investment manager based in Philadelphia. Dean Adler, executive chairman, did not return requests for comment on plans for the building. Competing bids must be submitted by March 24, according to documents filed in U.S. Bankruptcy Court in Delaware. READ MORE | | EU Retaliates as Trump Steel, Aluminum Tariffs Take Effect
The European Union (EU) retaliated swiftly with a two-step approach in response to President Trump’s fresh 25 percent tariffs on steel and aluminum that took effect today, The Hill reported. First, the European trading bloc — made up of 27 nations — will allow the suspension of the existing 2018 and 2020 countermeasures against the U.S. to expire on April 1. Second, the commission is proposing a new package of countermeasures on goods coming from the U.S. that will go into effect in mid-April, covering some $28 billion in imports in total. READ MORE | | Farmers Put Plans, Investments on Hold Under Trump USDA Spending Freeze
Farmers and food organizations across the country are cutting staff, halting investments and missing key funding amid a USDA freeze on a broad swath of grants, more than two dozen farmers and agricultural support groups in seven states told Reuters. All this comes as Trump has imposed new tariffs on goods from Canada, Mexico and China, sparking trade wars with the biggest buyers of U.S. farm products. Trump on March 6 said he would exempt farm products like potash fertilizer from the tariffs until April 2. But if they eventually go into effect, the tariffs would hurt the $191 billion American agricultural export sector, raise costs for farmers struggling with low crop prices and send consumer grocery prices higher, farm groups warn. READ MORE | | Stablecoin Bill Set to Advance in Senate After Trump Push
Stablecoin legislation is set to advance in the Senate Banking Committee this week with a Thursday vote on updated legislation announced by a bipartisan group of senators, Bloomberg News reported. Senate Banking Chair Tim Scott announced the new proposal late Monday. Legislation regulating dollar-backed stablecoins is gaining support in Congress after President Donald Trump threw his political weight into the effort. READ MORE | | U.S. Job Openings Increase in January; Layoffs Decline
U.S. job openings increased in January, but demand for labor is likely to soften in the months ahead amid concerns that uncertainty over import tariffs and aggressive government spending cuts could cause a sharp slowdown in economic activity, Reuters reported. Job openings, a measure of labor demand, rose 232,000 to 7.740 million on the last day of January, the Labor Department's Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday. READ MORE | | U.S. Private Funds Ask SEC to Rethink Gensler-Era Rules
The Managed Funds Association, a private fund industry group, has urged the U.S. Securities Exchange Commission (SEC) to reform or withdraw regulations introduced over the past four years, Reuters reported. The recommendations, including changes to mandates involving Treasury trades and funds' disclosures, were made in a letter to acting chair Mark Uyeda, President Donald Trump's pick for the position. The MFA said its 10 recommendations would "reduce costs and burdens on market participants and improve the efficiency of the financial markets." READ MORE | | | | |
