Hedge Fund Trustee Must Wait To Sue In Petters Case

Law360, New York (March 12, 2012, 7:34 PM EDT) -- A Minnesota federal judge on Monday allowed the liquidating trustee of two bankrupt hedge funds to intervene in the suit against Ponzi schemer Thomas Petters but refused to lift a stay on litigation against a co-conspirator until a criminal case and liquidation are completed.

U.S. District Judge Ann D. Montgomery said Barry E. Mukamal, in charge of liquidating Palm Beach Finance Partners Liquidating Trust and Palm Beach Finance II Liquidating Trust, could intervene in the suit seeking to recover assets for victims of Petters' $3.7 billion...
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