A retroactive provision in the new bankruptcy law stops suit against BoA:

(November 8th, 2005 under Announcements)
A provision of the new law which overrules the Deprizio decision out of the 7th Cir. has been found to apply to an existing suit pending against Bank of America thus resulting it the dismissal of the 200 million dollar suit. The Court ruled that: "The retroactive application of the new law is "a matter of fairness," he said, because it fulfills Congress' original intent to restrict the recovery of funds from a non-insider lender for the benefit of other creditors." The plaintiff/creditors are appealing the Bankruptcy Court's decision perhaps ironically to the 7th Circuit Court of Appeals. Here is link to the entire article: http://news.findlaw.com/andrews/bf/bnk/20051107/20051107abcnaco.html Mike

This entry was posted on Tuesday, November 8th, 2005 at 3:31 pm and is filed under Announcements.


Leave a new comment
(required)
(required)