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Rare "Reverse" Class Action Aids Nonprofit in Chapter 11 Filing

In what was described at the time as the largest not-for-profit bankruptcy case in the annals of US Chapter 11, our client needed to resolve the claims of nearly 15,000 investors and holders of US$700 million in debt securities to get its Chapter 11 plan confirmed. To do that and make the process binding, we responded with several unique tactics, including filing a rare “reverse” or “defendant” class action. The result: our client’s class action was certified and settled within six months, resolving the problem expeditiously. This creative strategy significantly reduced potential costs and paved the way to plan confirmation without additional delay.

FORTUNE 500
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