George Angelich Comments on Key Product Liability Ruling
Bankruptcy Partner George Angelich was recently quoted by Turnarounds & Workouts for an article that focuses on product liability claims and debtors’ protection. The article discusses a Second Circuit Court of Appeals decision following the 2009 General Motors (GM) case proposing that “section 363 sale orders do not insulate buyers from debtors’ product liability claims.”
Mr. Angelich said, “Plaintiffs are now equipped with an important precedent establishing that ‘free and clear’ sale orders do not shield asset purchasers from liability for claims that were known or reasonably known by debtors if the debtors fail to provide actual notice of the asset sale to parties holding the claims.”
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