Creditors' Fraud Claims Cut From Tribune Clawback MDL

Law360, New York (September 24, 2013, 5:12 PM EDT) -- A New York federal judge on Monday trimmed multidistrict litigation over Tribune Co.'s $8.2 billion leveraged buyout, finding that individual creditors couldn't bring certain fraud claims against shareholders and Tribune buyer Sam Zell since the company's bankruptcy trustee has already lodged similar claims.

U.S. District Judge Richard Sullivan tossed a suit brought by individual creditors accusing those who benefited from the 2007 buyout, including Zell and cashed-out buyers, of constructive fraudulent conveyance and alleging that the company, which owns the Chicago Tribune and the Los Angeles...
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