Cleary Gottlieb partner James Bromley co-authored an article with firm alumni Matthew Karlan and Esther Lifshitz titled, “The Pension Benefit Guaranty Corporation’s Valuation Regulation in Bankruptcy: Entitled to Chevron Deference or Arbitrary and Capricious?”
The article explores the Pension Benefit Guaranty Corporation’s (PBGC) longtime use of a regulation to calculate the amount of the agency’s unfunded benefit liability claims in bankruptcies involving terminated pension plan disputes, discusses how this practice impacts the recoveries of other creditors and offers an argument for how the PBGC should change its policy.
This article was published on the Social Science Research Network and in Volume 20, No. 2 of The University of Pennsylvania Journal of Business Law.
A link to the abstract and article download is available here.