Product Liability
Apr. 17, 2012
Bankruptcy “immunity”: Who is responsible for consumer products when a manufacturer declares bankruptcy?
The process allowed manufacturers to completely shed liability for products sold before filing for bankruptcy. By Christine Spagnoli of Greene Broillet & Wheeler LLP
The auto industry bankruptcies in the summer of 2009 revealed several flaws in the federal bankruptcy process. The rush to allow GM and Chrysler, two of the giants of the U.S. auto industry, to shed their financial responsibilities quickly and to resurface as "new" companies almost left consumers and their cars behind. But that did not happen thanks to a small band of consumer advocates and plaintiffs attorneys, several key U.S. Se...
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