WG Investors Ask 2nd Circ. To Stay $792M Distribution

Law360, New York (April 19, 2011, 2:21 PM EDT) -- 3M Co. and other institutional investors that fell victim to WG Trading Co.’s fraud asked the Second Circuit on Monday to stay a lower court's decision to lump all investors together when distributing $792 million in receivership assets.

Several 3M pension funds and seven other institutional investors filed an appeal and moved to stay the distribution order, claiming the lower court wrongly treated investors in the regulated and audited WG broker-dealer the same as investors that purchased promissory notes from an unregulated affiliate looted by WG’s...
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