Archive for May 3rd, 2021

May 3, 2021

Sharfman Quoted on Purdue Disclosure Settlement

Last week, Professor Keith Sharfman was quoted in a Law360 feature story on the U.S. Trustee’s Office’s $1 million settlement with BigLaw firms for failure to disclose connections with the Sackler family and Purdue Pharma in its Chapter 11 case.

The story, in relevant part, stated that:

Keith Sharfman, a professor at St. John’s University School of Law, said professionals have broad duties of disclosure that led to the McKinsey disgorgement in 2019. That firm has about 30,000 employees and has worked on dozens of bankruptcy cases in recent years, so in a case like Purdue with a wide range of constituencies, complying with disclosure obligations could be a significant undertaking.

“[I]t is unsurprising that this type of disclosure violation could happen again in another case, as appears to have happened in Purdue,” Sharfman said.

A link to the full story is available here.

Keith Sharfman
Professor of Law

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