Manhattan Judge Issues Surprise Ruling

A Manhattan judge issued a surprising ruling this week regarding the bankruptcy case of a brokerage firm.

The New York based firm filed for business bankruptcy earlier this year, prompting an outcry from existing clients. These clients wanted to band together to form a committee, but the judge ruled that this would not be permissible. Even though these clients have a total of $4.54 billion in frozen accounts, they will not be allowed to form their own committee. This ruling came shortly after some additional shocking news went public: of these funds, as much as $1.2 billion is currently missing.

Instead of forming a committee, the commodity customers' will be able to work with a court-appointed trustee regarding their frozen funds.

Do you have questions about business bankruptcy? If so, don't hesitate to contact Bizar & Doyle, LLC today to discuss your options with one of our Chicago bankruptcy lawyers.