IN RE SENTINEL MANAGEMENT GROUP, INC.

Nos. 10-3787, 10-3990, 11-1123.

728 F.3d 660 (2013)

In re SENTINEL MANAGEMENT GROUP, INC., Debtor. Appeal of Frederick J. Grede, not individually but as Liquidation Trustee of the Sentinel Liquidation Trust.

United States Court of Appeals, Seventh Circuit.

Decided August 26, 2013.

Rehearing and Rehearing En Banc Denied September 30, 2013.


Attorney(s) appearing for the Case

Chris C. Gair (submitted), Gair Law Group, Ltd., Catherine L. Steege , Attorneys, Jenner & Block LLP, Chicago, IL, for Frederick J. Grede.

Jeffery W. Sarles , Attorney, Mayer Brown LLP, Chicago, IL, for Bank of New York Mellon Corporation.

Martin B. White , Attorney, Commodity Futures Trading Commission, Washington, DC, for Commodity Futures Trading Commission Amicus Curiae.

Before MANION, ROVNER, and TINDER, Circuit Judges.


TINDER, Circuit Judge.

The collapse of investment manager Sentinel Management Group, Inc., in the summer of 2007 left its customers in a lurch. Instead of maintaining customer assets in segregated accounts as required by law, Sentinel had pledged hundreds of millions of dollars in customer assets to secure an overnight loan at the Bank of New York, now Bank of New York Mellon. This left the Bank in a secured position on Sentinel's $312 million loan but its customers...

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