Petters Lawsuits Rack Up
More than 200 lawsuits filed so far in bankruptcy proceedings.
Lawsuits are racking up in the Tom Petters three-billion dollar Ponzi scheme. The Star Tribune reports that the number of lawsuits against those who invested in the alleged scheme now top the 200 mark. Plantiffs are seeking to recover 17-billion dollars from people who invested with Petters, who’s serving a 50-year prison sentence. This is the first wave of lawsuits in the consolidated bankruptcy proceedings for Petters estate. One of the claims, against GE, is for 293-million, another suit, against J.P. Morgan, is for 241-million.