07.26.2024Genova Burns Featured in Law360 Article "3rd Circ. Again Tosses J&J Talc Unit's 'Texas Two-Step' Ch. 11"Genova Burns LLC was recently featured in the Law360 article "3rd Circ. Again Tosses J&J Talc Unit's 'Texas Two-Step' Ch. 11". Genova Burns LLC and Partner Daniel M. Stolz, Esq., Chair of the firm's Bankruptcy, Reorganization & Creditors' Rights practice, are "very pleased that the second highest court in the country has once again rejected J&J's bad faith efforts to deny victims their day in Court. It was an honor for our firm to work closely with our talented co-counsel to obtain this excellent result".
09.16.2021Third Circuit Upholds Arbitrator’s Imposition of Parent Company Liability for Pension Withdrawal LiabilityOn August 26, 2021, the Third Circuit confirmed that a corporation remained on the hook for the pension withdrawal liability of its bankrupt subsidiary despite diluting its ownership interest in the subsidiary below 80%, to avoid controlled group liability. The decision is an example of a court’s power under ERISA Section 4212(c) to disregard a transaction when it finds that the transaction’s principal purpose is avoiding pension withdrawal liability.
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