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8th Circ. Revives Ponzi Suit Against JPMorgan, Other Lenders

Law360 (June 3, 2020, 8:28 PM EDT) -- The Eighth Circuit on Wednesday partially revived a hedge fund's suit against JPMorgan Chase & Co. and other lenders alleging they aided businessman Thomas Petters' $3.7 billion Ponzi scheme, finding the district court jumped the gun on deciding the suit was filed too late.

In a 26-page published opinion, a three-judge panel found that a Minnesota federal judge's December 2017 ruling that Ritchie Capital Management LLC and related entities filed their suit outside a five-year statute of limitations that began at the time Ritchie learned of Petters' fraud was "premature" because the pleadings don't definitively establish Ritchie's claims accrued in Illinois.

The suit...

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