3rd Circ. Won't Revive RICO Claims Over Allied Bankruptcy
Law360, New York (November 16, 2017, 4:48 PM EST) -- The Third Circuit on Wednesday found that investment firm Yucaipa Cos. Ltd. had no standing for its $170 million RICO suit claiming two hedge funds conspired to wipe out its debt claim against bankrupt car hauler Allied Systems Holdings Inc.
In a nonprecedential opinion, a Third Circuit panel upheld a district court’s finding that the firm had claimed only hypothetical future injuries and that the alleged conspiracy between fellow Allied creditors Black Diamond Capital Management LLC and Spectrum Investment Partners LP to force the car hauler into bankruptcy and subordinate Yucaipa’s $170 million debt claim had not lasted long enough to...
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