Some bankrupt municipalities have proposed plans of reorganization that offer substantially greater recoveries to their active workers and retirees than those offered to other creditors. Because these greater recoveries are not mandated by a priority enjoyed by the active workers and retirees, a judge can only approve such a plan if it does not “discriminate unfairly” against a class of disfavored creditors that votes against the plan. This paper describes the law defining the unfair discrimination standard, identifies the categories of circumstances in which discrimination between co-equal classes is permitted, and argues that the claims of retirees and active workers do not fall into any of these categories. We conclude that current law does not allow a judge to approve a reorganization plan that provides retirees and active workers with a greater recovery.
After several years of dramatic growth, ESG investing seems to have entered a period of retrenchment. While it is impossible to predict the future...
Research correlating stringency in land-use regulation to low housing supply, high housing costs, and segregation relies on surveys of planners about...
Lenders are perfectly free to decide for themselves whether, when, how, to whom and on what terms they will extend credit to a sovereign borrower. But...
Cities have been largely absent from the theory and legal doctrine of federalism, especially in the United States, where federalism is understood to...
Income inequality is a national preoccupation, and the public’s imagination is captured by the astronomical incomes of Valley tech billionaires and...
We examine the legal terms in the market for green bonds, debt instruments in which proceeds are earmarked, directly or indirectly, for projects with...
Consequential damages have been a cornerstone of contract doctrine since the broken crankshaft in Hadley v. Baxendale. And the Hadley rule is one of...
In this article, we examine the relations between risk, the choice of foreign or local contract terms (parameters), and maturity in the sovereign debt...
Engaging New Cases: The book uses fresh, timely cases in agency and partnership to show how business law is relevant in a variety of practices...
Employment contract law is an antiquated, ill-fitting, incoherent mess. But no one seems inclined to fix this problem. Employment law scholars...
On Aug. 14, a Montana district court released a groundbreaking decision for climate change activists. In Held v. Montana, the court announced that...
Over the past quarter century, Congress has enacted several major reforms for retirement plans and individual retirement accounts, usually with large...
The 1968 Fair Housing Act required local government recipients of federal money to take meaningful actions to affirmatively further fair housing (AFFH...
We examine the legal terms in the market for green bonds, debt instruments in which proceeds are earmarked, directly or indirectly, for projects with...
This law school casebook provides a detailed examination of secured transactions in personal property in both the commercial and consumer context. The...
Modern antitrust law has come under intense criticism in recent years, with a bipartisan chorus of complaints about the power of technology and...
Those Who Need the Most, Get the Least: The Challenge of, and Opportunity for Helping Rural Virginia
Rural America, as has been well documented, faces many challenges. Businesses and people are migrating to more urban and suburban regions. The...
Contract law has one overarching goal: to advance the legitimate interests of the contracting parties. For the most part, scholars, judges, and...