Commercial Fraud Task Force Committee

ABI Committee News

Kirschner Decision

In a 4-3 decision,[1] New York’s highest court rejected requests by a litigation trustee and derivative plaintiff (collectively, the “plaintiffs”) to broaden liability against third-party auditors, accountants, investment bankers, attorneys and other professionals on claims they assisted corporate insiders in defrauding shareholders and creditors. Two separate—but related—cases were at issue. The first involved the 2006 Refco bankruptcy filing and the second was a derivative action brought on behalf of AIG by two different retirement systems.

Read the full article.


ABI's 22nd Annual Winter Leadership Conference

Also presented at the WLC was the session "Ponzi Scheme Cases: A New Look at Potential Sources of Recovery," which focused on the breach of fiduciary duties by various employee types, scheme claims against professionals and a variety of other Ponzi Scheme issues faced in the bankruptcy field. Panelists for the session included James S. Feltman of Mesirow Financial Consulting, LLC in Miami, Ronald R. Peterson of Jenner & Block LLP in Chicago and Hon. Steven W. Rhodes of the U.S. Bankruptcy Court for the Eastern District of Mich., Detroit.  Kathy Bazoian Phelps, of Danning, Gill, Diamond and Kollitz, LLP in Los Angeles moderated.

A Panel Discussion Relating to the Bayou, Rothstein and Petters Ponzi Scheme Cases

Ponzi Scheme Cases: A New Look at Potential Sources of Recovery


ABI's 16th Annual Rocky Mountain Bankruptcy Conference