Algonquin Fund Gets New Shot At $7.6M Judgment

Law360, New York (January 21, 2010, 6:20 PM EST) -- A federal appeals court has overturned a lower court ruling that collaterally estopped Algonquin Power Income Fund LP from litigating its interest in a $7.6 million judgment Trafalgar Power Inc. obtained in a malpractice action.

A three-judge panel of the U.S. Court of Appeals for the Second Circuit on Wednesday remanded Algonquin’s conversion and fraudulent transfer suit for reconsideration of the merits of its claim of a security interest in the judgment based on a large loan it made to TPI.

The district court erroneously applied...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.