FINN v. ALLIANCE BANK

Nos. A12-1930, A12-2092.

860 N.W.2d 638 (2015)

Patrick FINN and Lighthouse Management Group, Inc., Appellants/Cross-Respondents, v. ALLIANCE BANK, Respondent/Cross-Appellant, Home Federal Bank, Respondent/Cross-Appellant, KleinBank, Respondent/Cross-Appellant, Merchant's Bank, Respondent/Cross-Appellant, M & I Marshall & Ilsley Bank, Respondent/Cross-Appellant, American Bank of St. Paul et al., Defendants.

Supreme Court of Minnesota.

February 18, 2015.


Attorney(s) appearing for the Case

Larry B. Ricke , Karl E. Robinson , Sweeney & Masterson, P.A., Saint Paul, MN, and William M. Hart , Meagher & Geer, P.L.L.P., Minneapolis, MN, for appellants/cross-respondents Patrick Finn and Lighthouse Management Group, Inc.

Christopher R. Morris , Bassford Remele, P.A., Minneapolis, MN, for respondent Alliance Bank.

Kevin M. Decker , Benjamin E. Gurstelle , Briggs and Morgan, P.A., Minneapolis, MN, for respondent/cross-appellant Home Federal Bank.

Shari L.J. Aberle , Andrew Brattingham , Dorsey & Whitney LLP, Minneapolis, MN, for respondent/cross-appellant KleinBank.

Mark A. Merchlewitz , Benson & Merchlewitz, Winona, MN, for respondent/cross-appellant Merchant's Bank.

Keith S. Moheban , Peter J. Schwingler , Katherine E. Devlaminck , Stinson Leonard Street LLP, Minneapolis, MN, for respondent/cross-appellant M & I Marshall & Ilsley Bank.

Richard T. Thomson , Lapp, Libra, Thomson, Stoebner & Pusch, Chartered, and Kevin D. Hofman , Halleland Habicht P.A., Minneapolis, MN, for amici curiae City National Bank et al.

Paul L. Ratelle , Fabyanske Westra Hart & Thomson, Minneapolis, MN, and Karen E. Wagner , Andrew S. Gehring , Davis Polk & Wardwell LLP, New York, NY, attorneys for amicus curiae The Clearing House Association L.L.C.

Thomas H. Boyd , Michael A. Rosow , Jacob B. Sellers , Winthrop & Weinstine, P.A., Minneapolis, MN, and H. Peter Haveles, Jr. , Kaye Scholer LLP, New York, NY, and James P. Conway , Jaspers, Moriarty & Walburg, P.A., Shakopee, MN, and Tobias S. Keller , Keller & Benvenutti LLP, San Francisco, CA, and Joseph G. Petrosinelli , Jonathan M. Landy , Christopher J. Mandernach , Williams & Connolly LLP, Washington, D.C., attorneys for amici curiae DZ Bank AG et al.

James J. White , University of Michigan Law School, Ann Arbor, MI, and David Woll , Michael Freedman , Isaac Rethy , Simpson Thacher & Bartlett LLP, New York, NY, and Bruce J. Douglas , Ogletree, Deakins, Nash, Smoak & Stewart, P.C., Minneapolis, MN, attorneys for amicus curiae JPMorgan Chase Bank, N.A.

Bruce Jones , Stephen M. Mertz , Jerome A. Miranowski , Julie R. Landy , Faegre Baker Daniels LLP, Minneapolis, MN, attorneys for amicus curiae Minnesota Defense Lawyers Association.

Steven E. Wolter , Kelley & Wolter & Scott, P.A., Minneapolis, MN, and Connie A. Lahn , David E. Runck , Fafinski Mark & Johnson, P.A., Eden Prairie, MN, attorneys for amici curiae Douglas A. Kelley , as Chapter 11 Trustee and the Official Committee of Unsecured Creditors of Petters Company, Inc. and Petters Group Worldwide, LLC.


OPINION

This case requires us to decide two questions of first impression under Minnesota's Uniform Fraudulent Transfer Act ("MUFTA"), Minn.Stat. §§ 513.41-.51 (2014). The first question is whether the so-called "Ponzi-scheme presumption," adopted by a number of federal...

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