The Ninth Circuit Court of Appeals just today affirmed the Bankruptcy Appellate Panel, which had previously held that an adverse debtor could not use Rule 60(b) to overturn a confirmed chapter 11 plan (based on a settlement agreement), when an underlying Chinese judgement we had enforced in the U.S., which drove the debtor into bankruptcy, was overturned in China via Debtors' post-Plan, post-settlement efforts. This ends nearly five years of procedural and other shenanigans and reemphasizes the power and importance of settlement (that uses bankruptcy-appropriate language).
Morrow Ni LLP partner Angus F. Ni briefed the appeal.