Emerging Litigation Podcast
Greatly Exaggerated: The Impact of Bankruptcy on Mass Torts with Jennifer Hoekstra
When large companies face massive mass tort litigation, one way they can survive is to file for bankruptcy protection and reorganize. 3M recently put its Aearo Technologies subsidiary into bankruptcy in the face of more than 230,000 claims that's its defective earplugs caused hearing loss. When it came to filing bankruptcy 3M said Aearo was solely responsible for the product. But for several years of litigation 3M argued that it, as the parent, was solely responsible, not its various subsidiaries. That was a strategy that was beneficial to the company in multidistrict litigation. Why did 3M suddenly change course? What impact does bankruptcy have on claimants? Could corporations use bankruptcy law to neuter mass tort litigation for all eternity? And how did the strategy sit with the federal magistrate judge overseeing the multidistrict litigation? Joining me to discuss this incredibly complex litigation is Jennifer M. Hoekstra, a partner with Aylstock Witkin Kreis & Overholtz. Jennifer has been involved in all varieties of complex litigation since 2007, focusing on mass torts, drug and device litigation, and others. She has a J.D. from Tulane, which she earned while also completing a certificate in Environmental Law. She has actively served as trial counsel or an integral member of the trial team in several of the 3M Earplug trials securing nearly $300 million in compensatory damages for military veterans. Jennifer shared her insights on the intersection of complex mass torts and bankruptcy, an intersection that wasn't originally on her roadmap. This podcast is the audio companion to the Journal on Emerging Issues in Litigation. The Journal is a collaborative project between HB Litigation Conferences and the Fastcase legal research family, which includes Full Court Press, Law Street Media, and Docket Alarm. The podcast itself is a joint effort between HB and our friends at Law Street Media. If you have comments or wish to participate in one our projects please drop me [...]
Under Pressure: Courts and Lawyers Trying to Deal With It with Diana Manning
The pressure on trial lawyers, judges, plaintiffs, defendants, and court systems is only increasing. The backlog of cases in New Jersey, for example, nearly quadrupled between February 2020 and 2021, the first year of the pandemic, according to NJ Spotlight News (NJSN). The state is also facing a historic shortage of jurists, NJSN reported, “leading to overworked judges, huge case backlogs and nearly 7,000 defendants in jail without bail, some 500 of them for more than two years despite a law that essentially requires a trial within two years for anyone detained." As reported by NJSN, one court official told the state Assembly Budget Committee about the impact of the pandemic on the court system: “Buildings were closed to most in-person trials for more than a year, although other proceedings continued virtually. The business closures and high unemployment led to a housing crisis that resulted in more than 46,000 pending cases that involve landlord-tenant issues . . . . But with all courts open and staff back to work in person, it is impossible to eliminate the backlog of cases with so many open judge seats.†The problem is attributed to the state Senate, where the process is mired, even though the governor is making appointments. According to the National Counsel for State Courts, backlogs at one third of U.S. courts increased by 5%. It would have been worse had courts not held virtual hearings. Using the Court Statistic Project database, the numbers reveal in stark terms the impact the pandemic had in the year it came to America. Dispositions dropped from 43M in 2019 to 28M in 2020. Bench trials fell from 3M in 2019 to under 2M in 2020. Jury trials plummeted from 49K in 2019 to less than 19K in 2020. The Washington Post reported that the Pennsylvania Supreme Court declared a judicial emergency and [...]
Lawyers for Good with Tara Trask and Jason Flom
If you're feeling bad about being a lawyer, or just maybe tingling with the holiday spirit of giving back, this episode is for you. Listen to three professionals (well, maybe two "professionals") who deeply admire for the legal profession, the important role attorneys play in society, and all the potential they have to make the world a better place. When there is strife, there is a supporting organization, and with them are lawyers. Wrongful convictions. Voting rights. Environmental protection. The rights of women, people of color, workers, LGBTQ, immigrants, asylum seekers. Lawyers are in a unique position to do something about all of this. And they do. And we hope more will. Join me as I interview nationally acclaimed trial consultant Tara Trask and music industry star-maker Jason Flom. Tara Trask is the President of Trask Consulting, a boutique litigation strategy, jury research and trial consulting firm. Tara focuses complex commercial litigation, from intellectual property to antitrust, from products liability to insurance, and oil and gas. She has extensive experience assisting institutions and individuals in matters involving regulatory enforcement and white-collar defense. Tara has been involved in more 450 jury trials. Music industry executive Jason Flom is CEO of Lava Records, Lava Music Publishing, and Lava Media, LLC. He is former CEO at Atlantic Records, Virgin Records and Capitol Music Group. Jason is personally responsible for launching acts such as Katy Perry and Greta Van Fleet, and discovering and developing the likes of Matchbox 20, The Corrs, Tory Amos, Jewel, and Stone Temple Pilots. The New Yorker described Jason as “one of the most successful record men of the past 20 years. He's also committed to doing good. Through his Lava for Good company, Jason hosts the hit podcast Wrongful Conviction, now in its ninth season, which features interviews with people who have spent decades in prison for crimes they [...]
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Emerging Litigation Journal
Insurance Coverage for Digital Assets: Mitigating Losses in Cryptocurrency and Nonâ€Fungible Token Markets by Scott DeVries, Jessica Cohen-Nowak and Adriana Perez of Hunton Andrews Kurth GalleryInsurance Coverage for Digital Assets: Mitigating Losses in Cryptocurrency and Nonâ€Fungible Token Markets by Scott DeVries, Jessica Cohen-Nowak and Adriana Perez of Hunton Andrews Kurth
Insurance Coverage for Digital Assets: Mitigating Losses in Cryptocurrency and Nonâ€Fungible Token Markets by Scott DeVries, Jessica Cohen-Nowak and Adriana Perez of Hunton Andrews Kurth
Companies and individuals are riding the ups and downs of cryptocurrency and NFTs—with losses and swings in the billions of dollars—but digital assets are not going away. Abstract: The risk of loss in certain categories may be mitigated by insurance, whether provided by tailored policies and/or under policies designed specifically for digital asset owners. Those with exposure to the digital asset sector should be attuned to the emerging marketplace for such insurance products. While it is early days for NFT-specific coverage, the rise of cryptocurrency has created a substantial marketplace for crypto coverage. Insurers are becoming increasingly able to model and assess risk, so more products are coming to market. That said, digital asset holders need to be able to select coverage that best suits their needs. In this article, the authors discuss the history and status of coverage for digital assets to assist readers in exploring how they might use insurance to mitigate risk in this emerging and rocky sector of global finance. "Over the course of a decade, the marketplace for cryptocurrency has increased from zero to an estimated $250 billion. However, only $6 billion in insurance coverage is currently available. It would be a gross understatement to say that there is a truly remarkable imbalance between market value and insurance capacity." Introduction Crypto markets are experiencing the greatest crash in their history to date. The value of a Bitcoin (BTC) has plummeted 70% from its peak and Ethereum (ETH) has fallen 77%. Since last November, the value of cryptocurrency tokens has lost $2 billion in value. As noted financial publication Barron’s put it: “Crypto is having a ‘Lehman moment,’ a shattering of confidence triggered by plunging asset prices, liquidity freezing up, and billions of dollars wiped out in a few scary weeks.†Cryptocurrency companies are halting withdrawals and transfers, platforms are seizing up, and regulators [...]
The Environmental, Social, and Governance Police Have Arrived: Is Your Insurance Ready? by Robert D. Chesler and Dennis J. Artese
The Authors Robert D. Chesler (rchesler@andersonkill.com) is a shareholder in Anderson Kill’s New Jersey office and is a member of the firm’s Cyber Insurance Recovery Group. He represents policyholders in a broad variety of coverage claims against their insurers and advises companies with respect to their insurance programs. Dennis J. Artese is a shareholder in Anderson Kill’s New York office and chairs the firm’s Climate Change and Disaster Recovery Group. Both are members of the Editorial Advisory Board of the Journal. Interviews with leading attorneys and other subject matter experts on new twists in the law and how the law is responding to new twists in the world. The ESG Police Have Arrived: Is Your Insurance Ready? "ESG has become a major initiative for corporate America. In particular, the environmental prong of ESG calls for companies to institute sustainability goals and to invest in environmentally friendly companies. This emphasis has both economic and popular support. Environmental sustainability will make companies better able to compete and make their businesses less risky." Abstract: The environmental, social, and governance movement is a positive one, but like many well-intentioned efforts there is room for abuse and risk. As corporations endeavor to earn accolades and good will for “doing the right thing,†they must also be certain they truly are. In this article the authors discuss increased government scrutiny, the attendant risks of implementing and reporting on ESG initiatives, insurance coverage implications for directors and officers, the pollution and other exclusions, the potential civil fines and penalties, and what companies can expect in the era of ESG. Download the article now! Podcast 1 of 2 series: Insurance Coverage with Dr. Jaana Pietari and Jim Fenstermacher and Litigation with Bob Chesler. Podcast 2 of 2 series: PFAS Insurance Coverage with Robert D. Chesler of Anderson Kill. Sister [...]
Announcing the Complex Litigation Ethics Conference
A leading academic and practitioner, Joshua P. Davis (davisj@usfca.edu) is a nationally recognized expert on legal ethics and class actions, as well as on artificial intelligence in the law, antitrust, civil procedure, free speech, and jurisprudence. He has published more than 30 scholarly articles and book chapters on these subjects and is currently writing a book on AI titled Unnatural Law, which will be published by Cambridge University Press. He is Research Professor of Law at the University of California Hastings College of Law, and a Shareholder of the Berger Montague PC law firm and Manager of its new San Francisco Bay Area Office. Before taking these posts, for more than 20 years Davis was a tenured Professor of Law at University of San Francisco Law School, where he also served as the Director of the Center for Law and Ethics. Davis is also a member of the Editorial Board of Advisors for the Journal on Emerging Issues in Litigation, published by Fastcase Full Court Press. Tom Hagy, Editor in Chief. An expert in civil procedure and federal courts, Professor Scott Dodson is the James Edgar Hervey Chair in Litigation and Geoffrey C. Hazard Jr. Distinguished Professor of Law at UC Hastings Law. He has published seven book titles, including The Legacy of Ruth Bader Ginsburg (Cambridge 2015) and New Pleading in the Twenty-First Century (Oxford 2013). He has written around 100 shorter works appearing in such journals as Stanford Law Review, New York University Law Review, Michigan Law Review, University of Pennsylvania Law Review, California Law Review, Virginia Law Review, Duke Law Journal, Northwestern University Law Review, Georgetown Law Journal, American Journal of Comparative Law, American Journal of International Law, and Law & Society Review. His scholarly writings have been cited in more than 30 court opinions and have been downloaded more than 45,000 times. For 2010-14, he was listed as the 9th [...]
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