RCT Obtains $23.6 Million Settlement of Fraudulent Transfer Claims Against Banks
On November 16, 2017, the U.S. Bankruptcy Court for the Northern District of Illinois approved a global settlement between Central Grocers, Inc., the Official Committee of Unsecured Creditors, and a group of six lenders, including PNC Bank, Bank of America, and U.S. Bank. RCT represented the Committee in pursuing fraudulent transfer claims against the lenders related to certain pre-petition liens obtained in the months leading up to bankruptcy. RCT secured a settlement of those claims in exchange for a cash payment and other consideration valued at more than $23.6 million.
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