Bates White expert’s analysis cited in liquidating trust litigation
The Petters scheme, widely acknowledged as being one of the largest Ponzi schemes of all time, was undertaken through Amicus Trading, later renamed The Petters Company, Inc. (PCI), run by Thomas J. Petters. After Petters was tried and convicted of fraud, conspiracy, and money laundering, the PCI Liquidating Trust, established to pay damages to victims, has brought causes of action against various entities that profited from the Ponzi scheme.
The Trustee of the PCI Liquidating Trust retained Affiliate Marti Murray as an expert witness in one of those cases: Douglas A. Kelley, in his capacity as the Trustee of the PCI Liquidating Trust v. Westford Special Situations Master Fund, L.P. et al. Ms. Murray submitted two expert reports regarding issues including asset tracing, hedge fund industry custom and practice, and the calculation of management and performance fees.
On November 13, 2024, the US District Court District of Minnesota issued a decision that included a $59 million judgment plus prejudgment interest against defendant Steve Stevanovich. The decision highlighted Ms. Murray’s asset tracing analysis, saying that she “conducted a reasonable and persuasive analysis of the documentation available” and that “the evidence reflected in [the] declaration and accompanying expert report are both credible and persuasive.”
The court opinion can be accessed here.