From Canada and Japan: Yet Another Mass Tort Bankruptcy, and Possible Fraudulent Conveyance: Big Tob
A tobacco company is the latest entity to use bankruptcy to try to limit its obligations for a mass tort. This instance, however, is different because the bankruptcy is in Canada, ownership of the tobacco entities ties to Japan, and the bankruptcy follows on after restructuring efforts that a trial judge viewed as probably illegal fraudulent structures and transfers. This new bankruptcy follows the affirmance of the about $15 billion class action verdict against multiple tobacco companies, as previously mentioned here. The story is told in more detail in a March 8, 2019 post at Eye on the Trials.