Avalon Capital, Lender Settle Fraudulent-Transfer Suit

Law360, New York (January 6, 2012, 7:48 PM EST) -- A Minnesota federal judge on Friday approved a settlement by Avalon Capital Group Inc. in a suit brought by the receiver for construction lender Lakeland Construction Finance LLC seeking more than $67.5 million in allegedly fraudulent transfers made to Avalon.

Judge Michael J. Davis dismissed the case with prejudice on its merits and without costs to any party in his decision in Minnesota federal court. Terms of the agreement were not disclosed, and counsel for the firms was not immediately available for comment.

The receiver for...
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