2nd Circ. Says $211M In Borders Gift Cards Still Worthless

Law360, New York (October 29, 2014, 6:38 PM EDT) -- The Second Circuit on Wednesday upheld a dismissal of appeals by customers seeking refunds for unredeemed gift cards they hold from bankrupt book retailer Borders Group Inc., saying the $210.5 million in claims were moot because they were filed after the liquidation plan was "substantially consummated."

The three-judge appellate panel affirmed a New York district court’s dismissal of appeals filed by Border’s gift card holders who wanted to reverse a bankruptcy judge's order throwing out a putative class action seeking refunds from the bankrupt retailer. The district court tossed the appeals as equitably moot, and the panel agreed, concluding that the appeals...

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