Purdue's Law Firms Must Return Retainers, US Trustee Says

Law360 (November 14, 2019, 1:29 PM EST) -- The U.S. trustee in Purdue Pharma LP's bankruptcy case has objected to the company's bid to let its law firms, including Skadden and Davis Polk, keep the retainers they were paid before Purdue's bankruptcy filing, saying the move unfairly favors those firms over other creditors in the case.

U.S. Trustee William K. Harrington told the New York bankruptcy court on Wednesday that Davis Polk & Wardwell LLP, Skadden Arps Slate Meagher & Flom LLP and WilmerHale will already be receiving monthly payments from Purdue and so they don't need to hold on to the retainers as security against the company failing...

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