5th Circuit Ruling Highlights Split on Chapter 11 Exculpation


Orrick partners Evan C. Hollander, Daniel Rubens, and David Litterine-Kaufman and senior associate James Flynn authored an article discussing an August 19, 2022 presidential opinion of the Fifth Circuit restricting a bankruptcy courts’ authority to exculpate parties under a bankruptcy plan. The article also addresses the role of gatekeeping provisions and identifies risks that officers, directors, insurers, and insolvency professionals should consider.