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Tag Archives: Uniform Fraudulent Transfer Act

Fraudulent Transfer Questions Cast Doubt on Oxycontin Settlement

A tentative settlement involving Purdue Pharma, the maker of Oxycontin, received great fanfare in the media, with the company claiming that it will pay at least $10 billion “to address the opioid crisis.” That figure may seem astronomical, but critics and the attorneys general of numerous states say the agreement rests on misrepresentations about the […]

Fraudulent Intent Not Always Necessary to Unwind an Improper Transaction

Creditors may use Illinois’ Uniform Fraudulent Transfer Act (IUFTA) to recover funds improperly shifted by a debtor to a third party. Although “fraud-in-fact” claims require proof that the debtor intended to defraud creditors, creditors may also pursue “fraud-in-law” or “constructive fraud” claims, which do not require evidence of intent. Gecker v. Estate of Flynn provides […]

Fraudulent Transfers in Illinois

Q.        What is Illinois’ Uniform Fraudulent Transfer Act (“IUFTA”)? The IUFTA is a statute designed to combat fraudulent transfers by debtors that impair the rights of creditors.  It can be found at 740 ILCS 160/1 et. seq.  Illinois is one of more than 40 American jurisdictions with a version of this statute. Q.        What is […]