Update on Springer v. Nohl: Fraudulent Conveyance Claims Arising from Shut Down of Company
The Springer v. Nohl fraudulent conveyance/asbestos case in Wisconsin highlights dubious corporate side activities, and is finally over, for now, after producing a very narrow ruling.
The Springer case arose out of the shut down and asset sale of a business that sold asbestos-containing products. See this December 9, 2016 GlobalTort post for summaries of the lower court proceedings in the case. In short, true insiders (including lawyers) bought the assets and sought to limit or avoid any obligation to pay persons injured by previously sold products.
As of early this year, the case was still dragging on even though the briefs were fully submitted as of December 2016; see online here at a Wisconsin court web site. Oral arguments were in October 2017, and are online in video format. The court decided the case on May 15, 2018.
The narrow, narrow ruling is that Wisconsin’s version of the UFTA does not control common law claims in a tort case. That outcome is hardly surprising. Various summaries provide more specifics and perspectives. For example, here.