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On March 19, in a matter of first impression, the Third Circuit Court of Appeals (Court) held that triangular setoff is not permissible in bankruptcy due to Bankruptcy Code Section 553(a) s mutuality requirement, and that parties cannot evade that requirement by contracting around it.
See In re Orexigen Therapeutics, Inc., 990 F.3d 748 (3d Cir. 2021).
McKesson Corporation, Inc. (McKesson) and Orexigen Therapeutics, Inc. (Orexigen) were parties to a distribution agreement, where Orexigen would sell McKesson the drug Contrave, and McKesson would, in turn, sell the drug to pharmacies. The distribution agreement also had a provision (Setoff Provision) that stated McKesson could reduce any amounts it owed to Orexigen by any amount that Orexigen owed to McKesson or any of its subsidiaries. Separately, Orexigen and McKesson Patient Relationship Solutions (MPRS), a McKesson subsidiary, entered into a services agreement whereby
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Two years after a priest pleaded guilty to molesting an altar boy, the Diocese of Lafayette has formally apologized to the victim and his family.
The diocese on Monday morning said in a statement that after careful examination the church found that the allegations were credible. The Diocese further denounces the actions of Michael Guidry towards (the victim) and hereby formally and publicly apologizes to (the victim) and to his family, the diocese said. Michael Guidry has been permanently removed from ministry.
Guidry was the longtime former leader of St. Peter Church in Morrow. Authorities said they opened the investigation after the victim reported he d been given alcohol before being sexually molested by Guidry at the priest s home.