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Continued Fight to Realize $30 Million-Plus Judgment for Trust Beneficiary

As trial counsel to Universitas Education, LLC—the beneficiary of an employee welfare benefit plan and trust—Loeb & Loeb secured a $30 million-plus judgment in favor of Universitas in the U.S. District Court for the Southern District of New York. The judgment, which Loeb & Loeb obtained in June 2012, is against Nova Group, Inc., a corporate trustee of the trust that was supposed to pay $30 million to Universitas in 2009 but failed to do so. The firm continues to wage an aggressive campaign to collect the judgment on behalf of Universitas, and has achieved multiple victories in the ongoing fight to seek satisfaction for its client.

Loeb & Loeb successfully defended Nova Group’s appeal of the June 2012 judgment, with the 2nd Circuit issuing its opinion affirming the judgment in March 2013 on the Monday following a Friday oral argument. Nova Group had challenged the judgment on the basis that the District Court lacked federal subject matter jurisdiction over the case.

In September 2013, Loeb & Loeb’s team won two successful sanctions motions against Nova Group’s former attorneys for filing meritless motions following the entry of judgment. The victory garnered a front-page story in the New York Law Journal. In addition, the firm brought a successful contempt motion against three of Nova Group’s principals.

In November 2013, following the entry of a Temporary Restraining Order and a bench trial, Loeb & Loeb persuaded the District Court (the Hon. Laura Taylor Swain) to grant a fraudulent conveyance motion, finding that Daniel E. Carpenter, the individual who controls Nova Group, orchestrated an elaborate and fraudulent series of money transfers that involved taking millions of dollars from Nova Group and, after transferring the money through numerous corporate intermediaries, using part of it to purchase a million-dollar oceanfront vacation home. The court later ordered property insurance proceeds payable for the vacation home, which was severely damaged by Hurricane Sandy, to be turned over to Universitas.

Most recently, in January 2014, following another bench trial, Loeb & Loeb obtained an extraordinarily broad preliminary injunction on behalf of Universitas, enjoining Carpenter—a suspended attorney convicted of fraud for unrelated events—from transferring his assets and the assets of the hundreds of shell entities that he controls.