The Beat Goes on for Chapter 11 Asbestos Cases – Circor Leslie Controls Seeks the the Cleansin
Another day, and another company makes strategic use of chapter 11 to cleanse itself of tort claims, with these claims arising from asbestos litigation. Today’s company ? Circor’s Leslie Controls, a past maker of pumps used on Navy ships. The WSJ article is here, and the company’s press release is here. Unlike the last two filings, this one is a prepack.
Once upon a time, law professors taught law students that tort law was a subject controlled by the states under the genius of the dual federal/state system. One certainly hopes they’ve amended their lectures to review and explain the federal bankruptcy court takeover of a significant portion of tort claiming.