Clawback Deals In Planned $116M Monitor Sale Irk Creditors

Law360, Wilmington (January 10, 2013, 3:32 PM EST) -- Unsecured creditors of Monitor Co. Group LP on Wednesday accused the bankrupt consulting firm of improperly shielding insiders from clawback litigation through the planned $116 million sale of the firm to rival Deloitte Consulting.

Under the deal, Deloitte contends it is buying avoidance claims against Monitor’s officers, directors and partners worth potentially $9 million, but the ploy essentially functions as a grant of releases to Monitor insiders for which the estate is receiving nothing, the company’s official committee of unsecured creditors said in an objection unsealed...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.