Minn. Firm Ducks Hedge Fund's Fraud Suit Over Polaroid Assets

Law360, New York (May 29, 2012, 1:36 PM EDT) -- A federal judge on Friday dismissed a hedge fund's fraud claims against Minneapolis law firm Fredrikson & Byron PA, which counseled convicted Ponzi schemer Thomas Petters' former companies, saying the fund's questions over loans secured by Polaroid Corp. assets have to be proven in a bankruptcy proceeding first.

A group of plaintiffs for the fund, led by Ritchie Capital Management LLC, alleged Fredrikson & Byron and other Petters associates fraudulently induced Ritchie into making loans of over $100 million to one of Petters' companies by representing...
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