SEC Sides With Barclays In Oil Trustee's $143M Fee Appeal

Law360, San Francisco (November 01, 2013, 9:34 PM ET) -- The U.S. Securities and Exchange Commission on Thursday urged the Second Circuit not to revive a $143 million suit brought by creditors of formerly bankrupt petroleum company SemGroup LP against Barclays Bank PLC, arguing that doing so would undo key safe-harbor protections in the Bankruptcy Code.

SemGroup's litigation trustee, Bettina Whyte, appealed her case to the panel in July — arguing that she had the right to claw back a $143 million transfer entered before SemGroup went bankrupt — after a New York federal judge threw...
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