Merit Management Group, LP v. FTI Consulting, Inc.

Docket No.	Op. Below	Argument	Opinion	Vote	Author	Term
16-784	7th Cir.	Nov 6, 2017 Tr.Aud.	Feb 27, 2018	9-0	Sotomayor	OT 2017

Holding: The Bankruptcy Code allows trustees to set aside and recover certain transfers for the benefit of the bankruptcy estate, including certain fraudulent transfers “of an interest of the debtor in property”; the Bankruptcy Code also sets out a number of limits on the exercise of these avoiding powers, including the Section 546(e) safe harbor – which, inter alia, provides that a “trustee may not avoid a transfer that is a … settlement payment … made by or to (or for the benefit of) a … financial institution .. or that is a transfer made by or to (or for the benefit of) a … financial institution … in connection with a securities contract.” In the Chapter 11 bankruptcy filed by Valley View Downs and its parent company, the only relevant transfer for purposes of the Section 546(e) safe harbor is the transfer that the trustee, FTI Consulting Inc., seeks to avoid, i.e., the transfer from Valley View to Merit Management Group for the sale of Bedford Downs Management’s stock.

Judgment: Affirmed and remanded, 9-0, in an opinion by Justice Sotomayor on February 27, 2018.

SCOTUSblog Coverage

Opinion analysis: Justices reject limits on bankruptcy recovery of fraudulently transferred assets (Ronald Mann)
OT2017 #6: "Year of Munsingwear" (First Mondays)
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OT2017 #5: “Oglethorpe’s Second Cousin” (First Mondays)
Argument preview: Justices to parse Bankruptcy Code’s fine print in high-stakes dispute over recovering assets for creditors of bankrupts (Ronald Mann)
Today's orders (Amy Howe)
Petition of the day (Kate Howard)

Date	Proceedings and Orders (key to color coding)
Nov 14 2016	Application (16A492) to extend the time to file a petition for a writ of certiorari from November 28, 2016 to December 19, 2016, submitted to Justice Kagan.
Nov 17 2016	Application (16A492) granted by Justice Kagan extending the time to file until December 19, 2016.
Dec 16 2016	Petition for a writ of certiorari filed. (Response due January 19, 2017)
Jan 19 2017	Brief of respondent FTI Consulting, Inc. in opposition filed.
Feb 03 2017	Reply of petitioner Merit Management Group, LP filed.
Feb 08 2017	DISTRIBUTED for Conference of February 24, 2017.
Feb 22 2017	Rescheduled.
Feb 27 2017	DISTRIBUTED for Conference of March 3, 2017.
Feb 27 2017	Rescheduled.
Mar 13 2017	DISTRIBUTED for Conference of March 17, 2017.
Mar 13 2017	Rescheduled.
Mar 20 2017	DISTRIBUTED for Conference of March 24, 2017.
Mar 20 2017	Rescheduled.
Mar 27 2017	DISTRIBUTED for Conference of March 31, 2017.
Mar 28 2017	Rescheduled.
Apr 10 2017	DISTRIBUTED for Conference of April 13, 2017.
Apr 17 2017	DISTRIBUTED for Conference of April 21, 2017.
Apr 24 2017	DISTRIBUTED for Conference of April 28, 2017.
May 01 2017	Petition GRANTED.
Jun 05 2017	The time to file the joint appendix and petitioner's brief on the merits is extended to and including July 13, 2017.
Jun 05 2017	The time to file respondent's brief on the merits is extended to and including September 11, 2017.
Jun 22 2017	Consent to the filing of amicus curiae briefs in support of either party or of neither party from counsel for the petitioner.
Jun 28 2017	Consent to the filing of amicus curiae briefs in support of either party or of neither party received from counsel for the respondent.
Jul 13 2017	Joint appendix filed. (Statement of costs filed)
Jul 13 2017	Brief of petitioner Merit Management Group, LP filed.
Jul 18 2017	Brief amicus curiae of Opportunity Partners, L.P. filed.
Jul 20 2017	Brief amici curiae of Various Former Tribune and Lyondell Shareholders filed.
Aug 31 2017	SET FOR ARGUMENT on Monday, November 6, 2017
Sep 07 2017	CIRCULATED
Sep 11 2017	Brief of respondent FTI Consulting, Inc. filed. (Distributed)
Sep 18 2017	Brief amici curiae of Tribune Company Retirees and Noteholders filed. (Distributed)
Sep 18 2017	Brief amicus curiae of National Association of Bankruptcy Trustees filed. (Distributed)
Sep 18 2017	Brief amici curiae of Bankruptcy Law Professors Ralph Brubaker, et al. filed. (Distributed)
Oct 06 2017	Reply of petitioner Merit Management Group, LP filed. (Distributed)
Nov 06 2017	Argued. For petitioner: Brian C. Walsh, St. Louis, Mo. For respondent: Paul D. Clement, Washington, D. C.
Feb 27 2018	Judgment is affirmed and case remanded. Sotomayor, J., delivered the opinion for a unanimous Court.
Apr 02 2018	JUDGMENT ISSUED.

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Editor's Note :

Merit Management Group, LP v. FTI Consulting, Inc.

SCOTUSblog Coverage

Featured Posts

Academic highlight: Levitt on the collateral consequences of Department of Commerce v. New York – Amanda Frost

New rules mean tighter deadlines, fewer words – Amy Howe

Relist Watch: The Muller Report – John Elwood

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