Category: Fraudulent Transfer Litigation

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WASHINGTON’S NOT QUITE UNIFORM VOIDABLE TRANSACTIONS ACT TAKES EFFECT JULY 23

UVTA. Washington’s version of the Uniform Voidable Transactions Act (UVTA) will become effective on July 23.  The Uniform Law Commission (ULC) adopted amendments and a new name for the Uniform Fraudulent Transfer Act (UFTA) in 2014, and Washington will become the 15th state to enact the new version.  As Professor Ken Kettering, the reporter for … Continue Reading

Petters Strikes Again: Amended Minnesota Fraudulent Transfer Act Does Not Shelter Certain Charitable Contributions

The latest turn in the ongoing Petters bankruptcy saga came on June 11, when U.S. Bankruptcy Judge Gregory Kishel issued a 46-page order examining 2012 amendments to the Minnesota Uniform Fraudulent Transfer Act (MUFTA). Specifically, Judge Kishel reviewed whether the MUFTA amendments created a complete defense and barred the Petters trustee’s avoidance claims against several … Continue Reading

Ponzi Scheme Clawbacks Dealt a Blow by MN Supreme Court Ruling

The Minnesota Supreme Court recently issued an opinion overturning a legal presumption that permitted victims of financial fraud to forego evidentiary requirements under the Minnesota Uniform Fraudulent Transfer Act (MUFTA) in cases involving Ponzi schemes. As a result, the ruling calls into question the potential recovery of more than $1 billion in alleged false profits … Continue Reading
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