Reuters: GE Capital Ponzi Scheme Lawsuit Dismissed

Reuters reported that a federal judge dismissed a lawsuit brought by Ritchie Capital Management that alleged it lost more than $150 million because GE Capital aided Tom Petters, a convicted businessman, in a $3.65 billion Ponzi scheme.

According to Reuters, in an order on Tuesday, U.S. District Judge Paul Engelmayer said that Ritchie did not do enough to illustrate that GE Capital directly caused the firm’s losses or took evident action to aid the fraud.

Access the full report from Reuters here.

Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
Susie Angelucci
Advertising: 484.459.3016

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.