4th Circuit: Debtor Owes Damages For Fraud Based On Breach Of Business Contract

4th Circuit: Debtor Owes Damages For Fraud Based On Breach Of Business Contract

RICHMOND, Va. - A panel of the Fourth Circuit U.S. Court of Appeals on June 4 ruled that damages awarded as the result of fraud in a business arrangement were not dischargeable in the personal bankruptcy of man who held a 50 percent stake in the company that committed the fraud (SG Homes Associates LP v. Michael J. Marinucci, No. 12-1621, Chapter 11, 4th Cir.; 2013 U.S. App. LEXIS 11176).

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