Peterson v. Katten Muchin Rosenman LLP

792 F.3d 789 (2015)

Study Aids
Case Briefs Overview
Casebooks
Case Briefs
P
From our private database of 46,300+ case briefs, written and edited by humans—never with AI.

Peterson v. Katten Muchin Rosenman LLP

United States Court of Appeals for the Seventh Circuit
792 F.3d 789 (2015)

SC
Play video

Facts

Gregory Bell’s mutual funds (the funds) invested most of the funds’ money with organizations run by Thomas Petters. Part of Petters’s operation purportedly financed Costco’s inventory. However, Petters’s operation was a Ponzi scheme. The funds told investors that Costco made direct payments to legitimate financial institutions. In fact, the payments to the funds came from a Petters organization as part of the Ponzi scheme. Further, Petters prohibited the funds from contacting Costco. Katten Muchin Rosenman LLP (defendant) represented the funds in structuring these transactions. After the collapse of the funds, Peterson (plaintiff), the funds’ trustee in bankruptcy, brought a legal malpractice suit against Katten, seeking damages for the law firm’s failure to advise on the risks of the arrangement with Costco. The district court dismissed the complaint for failure to state a claim upon which relief could be granted. Peterson appealed.

Rule of Law

Issue

Holding and Reasoning (Easterbrook, C.J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 802,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.

    Unlock this case briefRead our student testimonials

  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.

    Learn about our approachRead more about Quimbee

Here's why 802,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 46,300 briefs, keyed to 988 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Access this case brief for FREE

With a 7-day free trial membership
Here's why 802,000 law students have relied on our case briefs:
  • Reliable - written by law professors and practitioners, not other law students
  • The right length and amount of information - includes the facts, issue, rule of law, holding and reasoning, and any concurrences and dissents
  • Access in your class - works on your mobile and tablet
  • 46,300 briefs - keyed to 988 casebooks
  • Uniform format for every case brief
  • Written in plain English - not in legalese and not just repeating the court's language
  • Massive library of related video lessons - and practice questions
  • Top-notch customer support

Access this case brief for FREE

With a 7-day free trial membership

Casebooks

Legal Ethics

Key Terms