High Court Won't Rule On Restitution In Petters Case

Law360, New York (June 13, 2011, 3:16 PM EDT) -- The U.S. Supreme Court refused on Monday to hear an appeal from a hedge fund seeking restitution for losses it suffered in a $3.7 billion Ponzi scheme operated by Minnesota businessman Thomas Petters.

Ritchie Special Credit Investments Ltd., which along with several other funds lost more than $165 million to Petters' scheme, had asked the high court to determine whether a sentencing court may deny restitution, typically required under the Mandatory Victim Restitution Act, largely because it believed the victims might be able to recoup their...
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.