Black Elk Trustee Gets $29M In Platinum Partners Claims

Law360, Los Angeles (May 18, 2017, 10:26 PM EDT) -- The litigation trustee for the defunct Black Elk drilling operation is set to recover up to $29.6 million from Platinum Partners as part of its Texas bankruptcy court adversary proceeding for claims stemming from the hedge fund’s allegedly long-ranging securities fraud scheme, according to a settlement announced Thursday.

Platinum Partners executives last year were hit with criminal and civil charges for allegedly engaging in a yearslong, $1 billion securities fraud scheme to inflate the value of investments in Black Elk Energy Offshore Operations LLC, which filed for...
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