Nine West Trustee Says Jones Group Shareholders Stole $1B

Law360 (February 14, 2020, 2:20 PM EST) -- The successor indenture trustee for the bankrupt Nine West Holdings Inc. is suing the shareholders of the fashion company's predecessor Jones Group in California federal court, saying they engineered a deal to give themselves a $1.2 billion payout while saddling Nine West with debt.

In a 55-page complaint filed Thursday, Wilmington Savings Fund Society FSB says that its actions are authorized by Nine West's reorganization plan, as it seeks to recoup money from the deal it says led to Nine West's bankruptcy in the first place.

"These claims seek to vindicate the fundamental principle of law that the shareholders of a...

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