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Navigant Survey Shows Fraudulent Transfer Claims on the Rise While signals about the pace of economic recovery continue to be mixed, a new study released by Navigant Consulting and the Economist Intelligence Unit (EIU) shows a dramatic uptick in the number of fraudulent transfer claims filed as a result of last year's financial crisis. The study, "Risky Business: Financial Firms Face Wave of Fraudulent Transfer Claims," provides perspectives on the preparedness levels of financial institutions in responding to claims by debtors, creditor committees and/or trustees who seek to recover money allegedly paid improperly to creditors. The study shows a rising tide of such claims, known as "fraudulent transfer" or "fraudulent conveyance" cases. More than half of respondents saw an increase in fraudulent transfer cases in the past year, while only 2% saw a decrease. In the wake of the increase in fraudulent transfer claims, the study found that many financial institutions are taking steps to manage their risks. The study also noted that: "We have definitely seen an increase in fraudulent transfer cases in the last year," said Stan Murphy, managing director at Navigant. "The risks for lending institutions can be very high and costly as more and more companies fail due to the economic downturn and creditors jostle for higher priority and security. To an increasing extent, lenders are being caught in the tide as courts find that they gained unfair advantages in their dealings with distressed borrowers." The Navigant-sponsored survey polled 154 respondents worldwide in law firms that provide services to financial services firms (71%) and executives who work in the legal departments of financial services firms (29%) around the globe. Tuesday, February 23, 2010  Send a letter to the Editor, Stuart Papavassiliou at sppapa@monitordaily.com. To get your company’s news included on the monitordaily.com site and published in the Monitor, contact Chris Moraff, Associate Editor, at 610.293.1300 x112 or email news to cmoraff@monitordaily.com. If you would like to search our News Archives, please click here. |
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