Professor Ayer Comments on ‘Clawback' Suits for Pioneer Press
Professor John D. Ayer commented for the St. Paul Pioneer Press on the more than 200 ‘clawback' lawsuits filed against Tom Petters, former CEO of Petters Group Worldwide, in the wake of his fraud conviction last year. The suits, which seek $15 billion, were filed by Petters' bankruptcy trustee, and have prompted criticism, in part because they seek damages from some Petters employees who were not engaged in criminal behavior.
Bankruptcy trustees, Professor Ayer commented, "have a high tolerance for not being liked."
John D. Ayer is a professor emeritus at the UC Davis School of Law and an expert on bankruptcy law.