Petters Trustee Reaches $93M Clawback Deal With Fund

Law360, New York (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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.