Cendant Accuses Shelton Of Avoiding $3.3B Payment

Law360, New York (August 25, 2006, 12:00 AM EDT) -- Former Cendant Corp. vice chairman E. Kirk Shelton, ordered to pay the company $3.27 billion in restitution, has not reached for his wallet fast enough. The real estate conglomerate has accused Shelton of transferring millions between bank accounts in an attempt to shield his assets in order to delay the massive payment.

“Within three years, many millions of dollars have been transferred to and from the bank accounts of Mr. Shelton, a trust which Mr. Shelton created, and various other entities under the control of Shelton,”...
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