NetBank Supervisor, Holland & Knight Reach Deal

Law360, New York (November 13, 2009, 2:41 PM EST) -- The liquidating supervisor for NetBank Inc. has asked a bankruptcy court to approve a settlement with its former debtor-in-possession counsel at Holland & Knight LLP over roughly $350,000 in transfers NetBank made to H&K early in the online bank's Chapter 11 proceedings.

NetBank will pay H&K $132,500 — about a third of the total amount in dispute — to release the law firm from liability for any avoidable transfer claims, liquidating supervisor Clifford Zucker said in a motion to approve the deal in the U.S. Bankruptcy...
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