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...
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.