What if you could make billions of dollars of corporate liabilities disappear — legally?

CNBC’s Melissa Lee interviews James Conlan, CEO of Legacy Liability Solutions, about the little-known business of acquiring mass tort liabilities from companies. Asbestos, PFAS, talc, Roundup — if a company wants it off their books forever, Jim’s team will take it.

The catch? It’s not cheap. But when your stock price goes up by MORE than what you paid to get rid of the liability… it’s a win-win.

HIGHLIGHTS:
0:00 – What is a mass tort?
1:01 – “Cut off the tail” — eliminating current AND future liabilities
2:01 – The sales pitch to companies with liabilities
2:59 – “It almost seems like alchemy”
3:30 – How it actually works: fully funding future liabilities today
4:03 – How Legacy makes money: 1.6-1.8% spread
4:39 – Why insurance company valuations make this work
6:05 – What liabilities are attractive right now?
6:25 – PFAS: “Entirely unclear whether it harms human beings”
7:33 – How do you price an immature tort?
7:50 – “We won’t touch anything that involves human abuse”
9:11 – Confidentiality in deals
9:34 – “50-year curve” for asbestos claims
10:06 – “Market cap goes up by more than what they gave us”
11:19 – “Asbestos is still in brake pads of old cars”
13:34 – The conservative investment model: 70-80% duration-sensitive
15:54 – The pitch to PE firms before an exit
17:13 – The “financialization” of the justice system
18:43 – “Futures can’t settle because they’re in the future”
21:16 – Is this a growing field? “Yes.”
21:49 – “An ocean of mass tort defendants”
24:34 – “Cut off the tail” — and it doesn’t grow back

KEY TAKEAWAYS:

  • Mass torts (asbestos, PFAS, talc, Roundup) can’t be settled because future claimants don’t know they’re injured yet
  • Legacy’s solution: fully fund current + future liabilities, take them off the company’s books
  • Business model: 1.6-1.8% spread on assets + liability management fees
  • Asbestos claims run on a 50-year curve
  • The ultimate proof of concept: company’s market cap goes up by MORE than what they paid
  • “We won’t touch anything that involves human abuse” — there’s a moral line
  • PFAS is “everywhere” but “entirely unclear” if it harms humans — pricing is wide
  • 70-80% of assets must be in duration-sensitive instruments
  • This is a growing field: “An ocean of mass tort defendants”

SPEAKERS:

  • James Conlan — CEO, Legacy Liability Solutions
  • Melissa Lee — “Closing Bell: Overtime” Co-Anchor & “Fast Money” Host, CNBC (Interviewer)

Recorded live at Global Alts Miami 2026