The Clearing House (TCH) filed an amicus brief with the Minnesota Supreme Court in Finn v. Alliance Bank. The brief argued that the presumption that any payment or transfer made by a person who was engaged in a Ponzi scheme was made in furtherance of the scheme and therefore should be void as fraudulent is not appropriate with respect to loan repayments made in accordance to contractual terms, as such payments do not deplete the assets of the debtor that are available for its creditors.
You Might Also Be Interested In...
Amicus Briefs BPI, Trades File Brief Supporting BofA Argument that National Law Preempts N.Y. Mortgage Escrow Rate Requirements
Amicus Briefs BPI, Joint Trades File Amici Brief in Goldman Shareholder Class Action Case Before SCOTUS
Consumer Affairs BPI Files Joint Amici Brief With Other Trades in California v. OCC Case on the OCC’s ‘Madden Fix’ Regulation
Amicus Briefs BPI Submits Amicus Brief in Hymes v. Bank of America National Bank Act Preemption Case
Amicus Briefs BPI Files Amicus Brief on Applicability of HOLA Preemption to Successor Banks in McShannock v. JP Morgan Chase
More Posts by This Author
Supervision & Enforcement FDIC’s Proposed Changes to Supervisory Appeals System Fall Short of Progress
Bank Capital and Stress Testing Governance and Authority of the Basel Committee on Banking Supervision
Cybersecurity Financial Trades Call for Accessible, Functional and Simple Cyber Incident Reporting Rules