(7th Cir. Aug. 14, 2017)
The Seventh Circuit reverses the district court and holds that certain funds held by the debtor were held in trust for the appellant and other creditors in the same customer class. The funds therefore were not property of the estate that should be distributed pro rata to all creditors. Opinion below.
Attorneys for Appellant: Foley & Lardner LLP, Stephen Bedell, Robert Seth Bressler, Geoffrey S. Goodman, David B. Goroff, Thomas P. Krebs, William J. McKenna, Jr.
Attorneys for Appellee: Jenner & Block LLP, Vincent E. Lazar, Catherine L. Steele, Angela M. Allen, Barry Levenstam