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May 21, 2008

Possible New Supreme Court Case

Tom Goldstein relates in his fabulous blog, scotusblog.com, that the Supreme Court might grant cert on a bankruptcy case at its conference on June 5, 2008.  The case is Board of Trustees of the Ohio Carpenters’ Pension Fund v. Bucci.  The 6th Circuit opinion and the Supreme Court briefs are posted on the blog dated May 21, 2008.  The issue deals with the discharge of debts under Section 523(a)(4) relating to defalcation by a fiduciary.  The debtor did not make payments to a pension fund and the fund argued that ERISA makes him a fiduciary and therefore there was a defalcation.  The Petition for Cert argues that the circuits are all over the place on this issue and it should be straightened out.  The brief opposing the petition has the better argument in my view - the debtor must be in possession of someone else's funds, there must be an express trust before there can be a defalcation and the circuits are not in disarray over that. 

May 21, 2008 in Supreme Court | Permalink

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