U.S. Bank Trust Obtains Preliminary Injunction and Escrow of $55 Million in Delaware Chancery Court

U.S. Bank Trust, the Master Trustee of an Income Unit Investment Trust, filed a lawsuit in Delaware Chancery Court against New York entrepreneur Parmjit Singh Parmar (Paul Parmar) and several of his LLCs. The lawsuit alleged that Parmar fraudulently diverted the unit trust holders’ investments to LLCs he controlled. Faegre Baker Daniels represented U.S. Bank Trust in the lawsuit. 

FaegreBD was able to obtain expedited discovery and within one month of filing the action. With partner Terri Combs serving as lead counsel, U.S. Bank Trust successfully obtained a preliminary injunction prohibiting the dissipation of close to $70 million in cash through a planned merger/going-private transaction in the U.K. that would have effectively cut off their interests. The parties further litigated jurisdictional and arbitration issues in a separate action filed by Parmar entities in New York Supreme Court. 

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