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Bankruptcy and Financial Services Litigation

Overview

Because of our firm’s strong litigation experience, Anderson Kill routinely handles complex financial services and bankruptcy-related litigations. Many of these cases involve non-bankruptcy issues in areas where we also have substantial experience. Relying upon our substantial litigation resources and experience, we offer effective representation to debtors and creditors in financial services litigation, including:

  • Asset Recovery
  • Breach of Fiduciary Duty
  • Contested Matters
  • ERISA
  • Foreclosure
  • Foreclosure Fraud
  • Fraudulent Transfers
  • Indenture Reformations
  • Insurance Coverage
  • Intercreditor Disputes
  • Involuntary Bankruptcy Petitions
  • Negligence
  • Plan-Related Litigation
  • Preference Litigation
  • Professional Malpractice
  • Proxy Contest Litigation
  • Securities Fraud
  • Securities Trading
  • Securitizations
  • Trustee Appointment
  • Tax and Regulatory Disputes

Experience

  • Kaiser Gypsum Committee of Asbestos Personal Injury Claimants and the Future Claimants’ Representative (U.S. Bankruptcy Court, Western District of North Carolina). Anderson Kill was approved by the U.S. Bankruptcy Court for the Western District of North Carolina as Special Insurance Counsel to the Committee of Asbestos Personal Injury Claimants and the Future Claimants’ Representative in the Kaiser Gypsum Company asbestos bankruptcy in the Western District of North Carolina. Anderson Kill advised the Committee and the FCR and their counsel regarding how best to secure more than a billion dollars in insurance coverage that will be used to fund payments to the Asbestos Claimants. In August 2018, the U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division entered a lift stay order permitting claimants to file suit against the Debtors in order to access over a billion dollars in insurance coverage. On August 9, 2018, the U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division entered a lift stay order permitting claimants to file suit against the Debtors to access over a billion dollars in insurance coverage. On August 13, 2020, the U.S. Bankruptcy Court confirmed the bankruptcy plan proposed by the ACC and FCR and made the lift stay order part of the permanent plan. Anderson Kill presently represents the resulting Kaiser Gypsum Asbestos Settlement Trust. Pending the appeals, claimants can access at least $5.5 million in insurance coverage for each and every claim without limit – and even more excess insurance coverage within limits.
  • Official Talc Claimants Committee in LTL Management LLC, No. 3:21-bk-30589 (U.S. Bankruptcy Court, District of New Jersey). Anderson Kill was approved by the court in June 2022 to serve as special insurance counsel to the Johnson & Johnson-spinoff LTL to resolve talc claims relating to its talc products. Potentially billions of dollars in insurance assets stand to be recovered for the trust to cover asbestos claims.
  •  Tort Claimants Committee and the Future Claimants’ Representative in the Cyprus Mines case ( U.S. Bankruptcy Court, District of Delaware). Anderson Kill has been approved by the court to serve as special insurance counsel to the Committee and Representative, effective March 25, 2021. Cyprus Mines provided talc to Johnson & Johnson, and its bankruptcy proceeding is enmeshed with those of J&J subsidiaries. Holders of claims for personal injury or wrongful death arising from exposure to talc or talc-containing products constitute the largest creditor constituency in the Cyprus Mines Chapter 11 case, which stems from the company’s provision of talc to J&J.
  • Future Claimants’ Representative in the Aldrich Pump (U.S. Bankruptcy Court, Western District of North Carolina). Anderson Kill has been approved as special insurance counsel to the Future Claimants’ Representative in the Aldrich Pump asbestos bankruptcy case. Aldrich Pump was formed as part of a May 2020 corporate restructuring, in which the newly formed companies Aldrich Pump and Murray took on legacy asbestos liabilities previously held by Trane Technologies, a manufacturer of pumps, compressors and HVAC equipment that sometimes incorporated components containing asbestos. Aldrich and Murray hold a reported $1.7 billion in liability insurance coverage to be potentially recovered and transferred to a 524(g) asbestos trust to cover asbestos injury claims.
  • Pereira, Trustee of Payroll Express v. Marshall & Sterling, Inc., No. 92-B-43150 (CB)/98-8405A. (U.S. Bankruptcy Court, Southern District of New York). (January – May 2002). 2005 WL 2438444. Tried and won an insurance broker malpractice action resulting in a judgment in excess of $21.8 million in bankruptcy court. District Court reversed – case was settled.

Approved by the Court as an expert witness pursuant to Bankruptcy Code Sections 327, 328(a) and 1107(b) in Garrett Motion, Inc., et al., Case No. 20-12212 (MEW) (U.S. Bankr. Ct. S.D.N.Y.)(2021).

Finova — Counsel to Equity Committee.

Dow Corning — Special Insurance Counsel to the Debtor and Officers.

Celotex — Special Insurance Counsel to the Debtor.

Drexel Burnham — Counsel to Equitable Life.

PSINet — Bankruptcy Counsel to Securities Plaintiffs.

Southmark — Counsel to Equity Committee.

Sleepmaster — Counsel to Creditors Committee.

Kasper ASL — Counsel to Creditors Committee.

LBS Communications — Counsel to Creditors Committee.

Natures’ Elements — Counsel to Creditors Committee.

Metaldyne – Counsel to the Creditors Committee and Reorganization Trust.

Delphi – Counsel to Wells Fargo.

Lead defense team in a $25 million preference lawsuit under Chapter 5 of Title 11 (United States Bankruptcy Code) brought by estate of Circuit City Stores, Inc.

Events

Creating Value Through Bankruptcy: Selling and Financing a Distressed Business in Bankruptcy
  • Dennis J. Nolan
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  • June 4, 2015
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  • Philadelphia, PA
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Publications

STORM CLOUDS ON THE HORIZON – BANKRUPTCY AND INSURANCE ISSUES RELATED TO BANK FAILURES
  • Anderson Kill Policyholder Alert
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ANOTHER VIEW: IMAGINING AN A.I.G. BANKRUPTCY?
  • The New York Times Deal Book
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Anderson Kill Secures Determination of Nondischargeability of Debt in Bankruptcy
  • Anderson Kill Policyholder Advisor
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COMPETING INSURANCE INTERESTS IN BANKRUPTCY
  • CPCU Society
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D&O INSURANCE DURING BANKRUPTCY
  • The Corporate Board
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D&O POLICY ‘BANKRUPTCY EXCLUSION’ HELD TO BE AN UNENFORCEABLE ‘IPSO FACTO’ CLAUSE
  • New York Law Journal (NYLJ)
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DEALS CONSIDERED BANKRUPTCY-PROOF COMBUST — UNCERTAINTY HEIGHTENS FOR MIDSTREAM GATHERERS AND PROCESSORS AFTER THE SABINE DECISION
  • Metropolitan Corporate Counsel
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Deals Considered Bankruptcy-Proof Combust: Uncertainty heightens for midstream gatherers and processors after the Sabine decision
  • Anderson Kill Policyholder Advisor
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“UH-OH”; D&O INSURANCE IN BANKRUPTCY
  • Corporate Counsel
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READ MY LIPS: NO NEW FEES – RECOGNIZING AND RECOVERING “TAX” CLAIMS IN BANKRUPTCY CASES
  • National Association of Attorneys General, NAGTRI Journal
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TEN TIPS FOR DEALING WITH BANKRUPTCIES CAUSED BY THE COVID-19 SHUTDOWN
  • Policyholder Advisor & Alert
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THE PRECARIOUS STATUS OF SUBSTANTIVE CONSOLIDATION AS A BANKRUPTCY REMEDY
  • Anderson Kill's Bankruptcy and Restructuring Newsletter
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This Time Is Different: Core Bankruptcy Jurisdiction for Insurance Coverage Lawsuits for Coronavirus-Related Claims (ICLC)
  • Insurance Coverage Law Center (ICLC)
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COMPETING INSURANCE INTERESTS IN BANKRUPTCY
  • Policyholder Advisor & Alert
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THIS TIME IS DIFFERENT: CORE BANKRUPTCY JURISDICTION FOR INSURANCE COVERAGE LAWSUITS FOR CORONAVIRUS-RELATED CLAIMS (AK)
  • Policyholder Advisor & Alert
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News

John M. Leonard Named Co-chair of Anderson Kill’s Financial Services Group
  • April 1, 2024
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People

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Robert M. Horkovich

Firm Managing Shareholder , New York

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Dennis J. Nolan

Shareholder , New York

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Mark D. Silverschotz

Of Counsel , New York

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Key Contact(s)
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Dennis J. Nolan
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Mark D. Silverschotz
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