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Bankruptcy Appellate Panel decides N.D. case

The United States Court of Appeals for the Eighth Circuit has held that the bankruptcy court did not err in finding the State of North Dakota failed to show the requisite injury to a substantial segment of North Dakota's population and that the State did not have parens patriae standing to file a claim on behalf of Team Makers and other charities; however, the court erred in determining the State's attempt to assert Team Makers' claim based on a consent agreement was barred by laches because laches is not available as a matter of law to tardily-filed claims in a Chapter 7 case as long as they are filed in time to permit distribution under Section 726(a) of the Code.

Read the court's opinion in State v. Bala at: