Cynergy Trustee Wants $47M From Predecessor Prez

Law360, New York (March 29, 2011, 6:23 PM EDT) -- The trustee overseeing defunct credit card processor Cynergy Data LLC's liquidation launched two lawsuits Monday seeking to recoup $47 million from a co-founder of the company's predecessor and bar its CEO from pursuing his own claims against his ex-colleague.

In one of the complaints Gregory A. Taylor of Ashby & Geddes P.A. lodged in the U.S. Bankruptcy Court for the District of Delaware, liquidation trustee Charles M. Moore accuses John Martillo, co-founder of Cynergy predecessor-by-merger CPS Group Inc., of improperly redeeming $47.25 million from the debtor...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.