8th Circ. Revives Ritchie Suit Against Petters Execs

Law360, New York (September 6, 2011, 7:15 PM EDT) -- The Eighth Circuit on Tuesday revived Ritchie Capital Management LLC’s suit claiming two officers of Thomas Petters’ companies fraudulently convinced the asset management company to invest in a $3.65 billion Ponzi scheme.

The appeal stems from Petters’ massive fraud, which caused his two companies, Petters Co. Inc. and Petters Group Worldwide LLC, and PGW-owned Polaroid Corp. to file for bankruptcy in 2008. Petters’ assets, including PCI and PGW, were placed in receivership in 2008 to reimburse victim funds invested in the scheme.

Ritchie Capital, as one...
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