Borders Gift Card Recovery Suit Quashed

Law360, New York (August 15, 2012, 1:46 PM EDT) -- A New York bankruptcy judge on Tuesday refused to allow holders of Borders Group Inc. gift cards to pursue an untimely class action to recover the amounts remaining on the cards, ruling that the holders were provided sufficient notice of the bar date for claims.

The card holders argued that they should be allowed to file late claims because Borders failed to provide them with actual notice of the bar date, but U.S. Bankruptcy Judge Martin Glenn said that holders were not "known creditors," finding that...
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