Petters Trustee Reaches $93M Clawback Deal With Fund

By Cara Salvatore (December 1, 2014, 7:51 PM EST) -- The trustee for companies owned by convicted Ponzi schemer Thomas Petters has reached a $93 million clawback deal with a fund that received payouts before the scheme collapsed.

Trustee Douglas Kelley, the lawyer in charge of the bankruptcy process, told a Minnesota bankruptcy court last week he'd reached a deal under which Epsilon Global Active Value Fund II would pay $92.7 million and settle all of Kelley's claims on it. The money represents what EGAVF got from Epsilon Global Master Fund II LP, which has already reached its own settlement.

"The settlement amount represents the approximate amount of net income received...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Attached Documents

Related Sections

Law Firms


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!