Appeals Court Changes Law on Fraud

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Aug. 29 (Bloomberg) -- The U.S. Court of Appeals in Chicago may be out on a limb by itself, or an opinion this week may signal change in attitude toward lenders who discover a customer's fraud and do nothing, as Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle discuss in their new video. Again this week, Rochelle and Pacchia cover the American Airlines bankruptcy, talking about the posture of the antitrust suit and conjecturing when the bankruptcy judge will confirm the reorganization plan. The video ends with what Rochelle believes to be the year's most important bankruptcy opinion. Perhaps trying to influence how the Supreme Court rules on the same issue in the term beginning in October, the Seventh Circuit appeals court in Chicago wrote an opinion concluding that objections cannot be waived to the power of a bankruptcy judge under the high court's Stern v. Marshall.

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