A bankruptcy trustee could not collect a $1 million employment award that the debtor failed to disclose as an asset, the 5th Circuit has ruled in reversing judgment. Before filing for bankruptcy, a jury awarded the debtor $1 million on a claim that his former employer violated his rights under the Family and Medical Leave Act.
Fraudulent Transfer Suits Aim to Recover Millions from Culpable Parties WASHINGTON, July 27 /PRNewswire-USNewswire/ -- Wiley Rein LLP partner H. Jason Gold, the Chapter 11 bankruptcy trustee appointed by the United States Bankruptcy Court for the Eastern District of Virginia in the case of Vijay Taneja, announced today that he has filed 45 lawsuits seeking to recover almost $614 million from companies and individuals that received money transferred out of bank accounts controlled by Mr. Taneja prior to Mr. Taneja's bankruptcy filing. Many of the transfers took place over a period of years.
A bankruptcy trustee could recover as a preferential transfer a criminal restitution payment made by the debtors shortly before they filed for Chapter 7 relief, the 9th Circuit has ruled in affirming judgment. The debtors in the case owned an electrical contracting company. They were convicted of insurance fraud for failing to pay required premiums to the California workers' compensation fund.
A bankruptcy trustee could seek to recover the amount by which a debtor undervalued personal property when she declared it exempt in her Chapter 7 case, the U.S. Supreme Court has ruled in a 6-3 decision. The decision reverses a ruling by the 3rd Circuit. (See "Bankruptcy trustee can't sell debtor's exempt property," Lawyers USA, Aug. 11, 2008. )
A bankruptcy trustee could exercise his "strong arm" powers to sell property that a debtor shared with his father and brother in a joint tenancy, the 10th Circuit Bankruptcy Appellate Panel has ruled in reversing judgment. The debtor's father purchased 80 acres of farmland. In order to avoid probate, the father designated himself and his two sons as joint tenants of the property with rights of survivorship.
Countrywide Financial Corp.'s settlement of mortgage mismanagement claims in Pittsburgh faces a challenge from Roberta DeAngelis, acting U.S. Bankruptcy Court trustee, who says the deal may harm her office's investigation of the company. DeAngelis wants to revise a proposed agreement to resolve allegations that Countrywide mishandled payments from 293 bankrupt Pittsburgh-area homeowners by losing or destroying checks and then charging late fees and legal costs, according to court papers filed last week. DeAngelis supervises bankruptcies in Delaware, New Jersey and Pennsylvania on behalf of the Department of Justice.
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