Satterlee Stephens LLP Obtains Settlement for Public Pension Funds in Fraudulent Transfer Litigation


Satterlee Stephens LLP represented three public pension funds – the Firefighters’ Retirement System of Louisiana, the Municipal Employees’ Retirement System of Louisiana, and the New Orleans Firefighters’ Pension & Relief Fund – as plaintiffs in actions against the Royal Bank of Scotland plc (RBS) and Swiss Re filed in the New York State Supreme Court, Commercial Division.   The Pension Funds were investors in preferred shares of a hedge fund managed by Fletcher Asset Management, Inc. and asserted claims alleging that RBS and Swiss Re received approximately $10 million in fraudulent transfers from the hedge fund prior to its insolvency.   The Pension Funds voluntarily discontinued the litigation after entering into settlements with RBS and Swiss Re.    

Satterlee Partners Timothy T. Brock and Charles Keeley  represented the Pension Funds in the litigation.