Advanta Settles Class Action Claims, Wins Ch. 11 OK

Law360, New York (February 10, 2011, 8:22 PM EST) -- A bankruptcy judge on Thursday approved Advanta Corp.’s Chapter 11 liquidation plan after the credit card issuer resolved the objections of two groups involved in class action litigation against the company’s directors and officers.

Judge Kevin J. Carey signed off on the plan at a hearing in the U.S. Bankruptcy Court for the District of Delaware.

The debtors agreed to amend language in the plan to make clear that certain release provisions would not impact the two lawsuits, according to Michael S. Etkin of Lowenstein Sandler...
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