Official Comm. of Unsecured Creditors v. Acres of Diamonds LP (In re The IT Group Inc.)
Dec
29
2006
Ruling
Settlement payment by financial institution was protected from avoidance.
Procedural posture
Plaintiff liquidating trust brought an adversary claim against defendant transferee, seeking to avoid and recover $575,000 as a fraudulent transfer pursuant to 11 U.S.C. §§ 548(a)(1)(B) and 550. The transferee moved for summary judgment, asserting that the transfer was a non- avoidable settlement payment pursuant to 11 U.S.C. § 546(e). Transferee and the trust also filed motions in limine concerning expert witness testimony.
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Court
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