Georgia-Pacific Ruling Reinvigorates Texas Two-Step

Just as the Texas Two-Step looked to be on the ropes, a federal appeals court showed the controversial tactic still has legs. 

The Fourth Circuit Court of Appeals earlier this week signaled strong approval for Georgia-Pacific’s strategy of settling mass asbestos claims through the chapter 11 case of its affiliate Bestwall, the first of the current breed of Texas Two-Step bankruptcies. Bestwall filed for chapter 11 in 2017 in North Carolina and has since been locked in a standoff with asbestos-injury claimants who are determined…

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