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
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
