The 3rd Circuit’s bankruptcy gift to the trial bar

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'The court’s decision created a fog of ambiguity surrounding the bankruptcy process as a whole. Just how financially distressed must a business actually be before it’s permitted to utilize this tool?' Sherman Joyce writes.

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What makes matters even worse is that the court’s decision created a fog of ambiguity surrounding the bankruptcy process as a whole. Just how financially distressed must a business actually be before it’s permitted to utilize this tool? That’s now the question left unanswered. Mass tort firms and trial lawyers find companies or organizations to target that they perceive as having deep pockets. Trial lawyers then concoct far-fetched legal theories, often based on junk science reports that they sometimes even fund themselves. Then, through robust advertising and marketing campaigns, they build large client pools for their lawsuits.

The only way we’ll begin to rein in these excessive costs is to stop letting trial lawyers abuse our civil justice system.

 

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