Petters Liquidator Battles SEC For $14M Settlement

Law360, New York (April 8, 2011, 6:30 PM EDT) -- A court-appointed liquidator of funds caught up in Thomas J. Petters’ $3.5 billion Ponzi scheme objected Thursday to regulators' attempt in Minnesota to halt a $14 million settlement they say benefits one of Petters’ sidekicks.

According to a motion filed in the U.S. District Court for the District of Minnesota, Nigel Chatterjee, a PricewaterhouseCoopers LLP director who is overseeing the liquidation in Bermuda of offshore entities that invested in Petters’ scheme, urged Judge Ann D. Montgomery to let the distribution of the settlement proceed.

The liquidator...
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