Wake Up Call: Jones Day’s Texas Two-Step Take at $107 Million

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• Jones Day has reportedly raked in about $107 million in fee revenue in five years using a controversial tactic that lets solvent companies shuffle their mass tort liabilities off to affiliated companies that then file for bankruptcy. The firm had filed four bankruptcies using the so-called Texas two-step method when a federal appeals court ruling in January turned off the music for one of them. Three of the cases are still pending. (American Lawyer)
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