Prof. Painter Quoted in Star Tribune on Petters Trustee Efforts to Recoup Ponzi Scheme Payouts Overseas

Professor Richard Painter was quoted in a Star Tribune article on efforts by the court appointed trustee for the Petters scheme to recover payouts made to investors overseas for the benefit of Petters's creditors. Painter observed that "[Trustee] Doug Kelley is well respected, but the problem is how much money is going to be spent on this. That's creditors' money." Painter also noted that, with respect to clawbacks overseas, "It's going to be hard. Even in the U.S. the law on clawbacks is not very clear. Each jurisdiction is going to be different and have its own additional hurdles."