November 05, 2012

Firm Client Dodges $2M Petters Ponzi Scam Clawback Suit Featured in Law360

A federal judge recently dismissed a $2 million clawback suit against the College of Saint Benedict. The suit was brought by court-appointed receiver Douglas Kelley, who was seeking recovery for the creditors of Tom Petters, from the $3.5 billion Thomas J. Petters Ponzi scheme. St. Paul federal Judge Richard H. Kyle ruled against the receiver, saying he lacked standing under federal law to go after the charitable donation. Judge Kyle said, "Only the United States can bring FDCPA claims, and Kelley cannot sue on the United States' behalf because the government is not in receivership and has not assigned its rights to him."

The College of Saint Benedict is represented by Jerome A. Miranowski, John B. Holland, Stephen M. Mertz and Megan S. Clinefelter.

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