Legal Cyprus Mines OKâd to query insurer-backed candidates to rep future claimants
Maria Chutchian
3 minute read
Signage is seen at the United States Bankruptcy Court for the Southern District of New York in Manhattan, New York City, U.S., August 24, 2020. REUTERS/Andrew Kelly
Former talc miner Cyprus Mines Corp may depose two candidates proposed by insurers to represent the interests of people who may bring future talc-related claims in the companyâs bankruptcy, a judge overseeing the case ruled on Monday.
During a virtual status conference, U.S. Bankruptcy Judge Laurie Selber Silverstein in Wilmington, Delaware signed off on the request by Cyprus, which is being represented by Reed Smith, to conduct brief depositions of the two insurer-backed candidates for the role of future claims representative (FCR) in its Chapter 11 case. Her ruling comes a few weeks ahead of a June 2 hearing in which she ll be asked to choose between three people for the role.
âStaggeringâ Legal Fees in Boy Scouts Bankruptcy Case
As the Boy Scouts of America goes through a contentious bankruptcy, dozens of lawyers are working on the case. Many are charging more than $1,000 an hour.
The national office for the Boy Scouts of America in Irving, Texas. The hefty legal fees being charged to the Boy Scoutsâ estate, taken off the top of what could be offered to victims of sexual abuse, have become a rising point of contention.Credit.Allison V. Smith for The New York Times
May 11, 2021
One lawyer negotiating a resolution to the multi-billion-dollar bankruptcy filed by the Boy Scouts of America billed $267,435 in a single month. Another charged $1,725 for each hour of work. New lawyers fresh out of law school have been billing at an hourly rate of more than $600.
WILMINGTON, Del. (Legal Newsline) - One of the main insurers for the Boy Scouts of America has asked the judge overseeing the organization’s bankruptcy to keep a closer eye on legal and professional expenses, which the company says threaten to consume more than half the $540 million value of the group’s estate.
Century Insurance, in a filing before a May 19 hearing on attorney compensation, complains that scores of lawyers and other professionals are charging the Boy Scouts more than $1,000 an hour, often for duplicative services. The Boy Scouts has estimated it paid out $100 million in professional fees by the end of February and the tab will exceed $150 million by the end of the month.
Maria Chutchian
4 minute read
A plaque is displayed at the entrance of the U.S. District Bankruptcy Court for the Southern District of New York in Manhattan, New York, U.S., January 9, 2020. REUTERS/Brendan McDermid
Insurers who could be left footing the bill for personal injury litigation against former talc miner Cyprus Mines Corporation are challenging the company s proposed candidate to represent future tort claimants.
Cyprus is asking U.S. Bankruptcy Judge Laurie Selber Silverstein in Delaware to approve Roger Frankel as the future claims representative (FCR) in its Chapter 11 case. A status conference on the matter is scheduled for Monday.