Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Nickless (In Re Advanced Risc Corp.)

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that “the in pari delicto doctrine bars a claim by a bankruptcy trustee where the debtor would have been so barred before the bankruptcy petition was filed”
• applying Massachusetts law and imputing principals’ fraudulent conduct to debtor corporation where the relationship was “one of complete control”
• dismissing trustee’s action on in pari delicto grounds when debtor corporation was formed by the defrauders for the express purpose of carrying out the fraudulent plan
• “State law determines the circumstances under which the misconduct of corporate actors may be imputed to the corporation.”
• applying defense of in pari delicto to negligence claim

Source: CourtListener parenthetical corpus (CC0).