Tribune Plans To Drop Most Clawback Suits Against Execs

Law360, Wilmington (January 17, 2013, 9:35 PM EST) -- An attorney for Tribune Co. told a Delaware bankruptcy judge Wednesday that the recently reorganized media giant intends to toss the lion's share of clawback suits launched against its executives once it is assigned them.

The adversary complaints initially were filed by the committee of unsecured creditors in 2010 in an attempt to recover allegedly preferential payments made to Tribune executives, but under the confirmed Chapter 11 plan, roughly 170 of the actions will become property of the reorganized debtor.

“We intend to dismiss the majority...
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.