Law360 Quotes Kevin Maclay on Mallinckrodt Trust and Covidien
A litigation trust formed when Mallinckrodt PLC left Chapter 11 bankruptcy can continue pursuing some clawback claims against Covidien Unlimited Co. alleging Covidien committed actual fraud when it spun Mallinckrodt off in 2013, a Delaware bankruptcy judge ruled.
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"The court's decision was extremely thorough, well reasoned and helps illustrate the need for a further exploration of Covidien and Mallinckrodt's role in contributing to the opioid crisis," Kevin Maclay of Caplin & Drysdale, representing the trust, told Law360 by phone.
Maclay emphasized the significance of the remaining claims, highlighting the preservation of Count I.
"This is literally bet-the-company litigation," Maclay said. "If the trust wins Count I, it would potentially be entitled to the value of Covidien, which we believe is in the tens of billions of dollars."
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