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Andrew Birrell And Jeff Storms Obtain Dismissal In Federal Civil Rico Action

Ritchie Capital Mgmt. v. Jeffries, several investment funds, who loaned money to companies owned by Minnesota businessman Thomas Petters, brought an action alleging that the chief executive officers of Polaroid Corporation (Mary Jeffries) and Petters Capital, LLC engaged in illegal conduct that deprived the funds of an alleged security interest in Polaroid.

Attorneys Birrell and Storms filed a motion to dismiss Ritchie’s RICO and related claims on behalf of Jeffries, arguing, in part, that the suit was duplicative of issues already being litigated in the Polaroid and Petters bankruptcy proceedings. Judge Montgomery agreed, and dismissed Ritchie’s action against Jeffries pending resolution of those bankruptcy proceedings. See Ritchie Capital Mgmt. v. Jeffries, No. 10-668 (ADM/JJG) (D. Minn. Feb. 2, 2012). As follows is a link to the Court’s Order: Order on Motion to Dismiss.