One of the largest bankruptcy cases in South Florida history is the Chapter 11 action filed on behalf of Palm Beach Finance Partners LP. It stems from one of the largest Ponzi schemes in U.S. history: the $3.65 billion fraud perpetrated by the now-imprisoned Minnesota entrepreneur Tom Petters.
Among 150 lawsuits filed on behalf of court-appointed trustee Barry Mukamal is a complaint that pits the defunct hedge fund against a major bank in yet another instance in which a key investor alleges that a bank aided and abetted a major fraud. It is a legal issue that has been closely examined by trial and appellate courts as trustees and plaintiff lawyers increasingly size up financial institutions as possible culpable actors in large financial frauds.
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