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ARTICLE · 23 MARCH 2014

Thelen Trustee Seeks Rulings in 4 Partner Clawbacks

Fox Rothschild LLP
Fox Rothschild LLP
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The trustee overseeing the liquidation of Thelen LLP’s estate has urged a New York bankruptcy court to rule on when four former Thelen partners being sued in clawback litigation received allegedly fraudulent payments.

United StatesInsolvency/Bankruptcy/Re-Structuring
Law 360
Law 360
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Yann Geron was featured in the Law360 article "Thelen Trustee Seeks Rulings in 4 Partner Clawbacks." While the full text can be found in the March 13, 2014, issue of Law360, a synopsis is noted below.

The trustee overseeing the liquidation of Thelen LLP's estate has urged a New York bankruptcy court to rule on when four former Thelen partners being sued in clawback litigation received allegedly fraudulent payments.

Chapter 7 Trustee Yann Geron said in court filings against the four ex-Thelen partners that they received certain payments and loan advances after the firm had voted to dissolve itself and was insolvent, making them fraudulent transfers.

Geron also contends that the payments did not align with the terms of the partnership agreements the attorneys had signed upon being hired, resulting in the partners receiving more compensation than they were entitled to under the agreement.

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