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Tuesday, 04/05/2022 9:11:53 AM

Tuesday, April 05, 2022 9:11:53 AM

Post# of 386
Application to Compromise Controversy with JPMorgan, Citigroup, Credit Suisse and UBS Defendants Adversary Proceeding #: 11-00340, Filed by Joel I. Sher, Chapter 11 Trustee (4/04/22)

The settlement described in this Motion and set forth in the Settlement and Release Agreement described herein will result in the final resolution of this Adversary Proceeding by resolving all of the Trustee’s claims against the four remaining Defendants for, among other things, avoidance of actual fraudulent transfers under 11 U.S.C. § 548(a)(1)(A). The Settlement and Release Agreement will also result in the waiver and expungement of an additional $1.75 Billion in Proofs of Claim (defined infra) filed by the Defendants in the Debtors’ bankruptcy cases.


Indeed,with this Total Settlement Amount and the payment from the RBS Settlement, the Trustee will have recovered a total of $61.5 Million for the benefit of the Debtors’ estates as well as the disallowance of approximately $2.6 Billion in proofs of claim asserted against the Debtors’ estates in connection with this Adversary Proceeding.

: PACER [Docket 698]

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