Patriot National Trustee Wants $3M Deal OK'd In Ch. 11 Case
Law360 (May 29, 2020, 8:06 PM EDT) -- The litigation trustee for bankrupt insurance services firm Patriot National Inc. is urging the Delaware bankruptcy court to approve a $3 million settlement in his suit against the firm's former directors in Chancery Court.
The settlement covers three of the 20 directors who are defendants in the suit, and the three settling will be able to cooperate with trustee Peter Kravitz's prosecution of the suit against the other defendants, the trustee said in a motion Thursday.
Patriot National filed for Chapter 11 bankruptcy in January 2018, and confirmed a reorganization plan that included establishing the litigation trust in May, after the...
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