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Ronald Friedman v. F. Grant — 4th Cir. (Oct 28, 2026)

No. 25-2309 Argued October 28, 2026 Published October 30, 2026

The Fourth Circuit considers whether a trustee can recover shareholder dividends paid years before a bankruptcy. The debtor borrowed money to fund dividends in 2012 and 2013. After the later bankruptcy, trustee Ronald Friedman sued shareholders to recover those payments for creditors. Some of the proposed creditors are the very lenders who financed the dividends. Section 544b of the Bankruptcy Code lets a trustee pursue a transfer claim only if an eligible unsecured creditor could bring it under applicable law. That creditor is called a triggering creditor. The underlying state law invoked here is South Carolina's Statute of Elizabeth, which allows creditors to challenge certain transfers of a debtor's property. The district court ruled that no qualifying creditor could challenge these transfers. Friedman disputes that ruling and will ask the court to revive his claims. Jonathan Li will argue for Friedman.

Ronald Friedman v. F. Grant (No. 25-2309) — U.S. Court of Appeals for the Fourth Circuit, argued October 28, 2026.

Sources
Argument audio — official Fourth Circuit original, October 28, 2026:https://www.ca4.uscourts.gov/OAarchive/mp3/25-2309-20261028.mp3
Official case, date and participating counsel listing:https://www.ca4.uscourts.gov/oral-argument/oral-argument-audio-files
Case-specific triggering-creditor issue — official argument calendar:https://www.ca4.uscourts.gov/cal/internetcalOct272026.pdf
Original transaction findings, parties and bankruptcy ruling — January 18, 2024 order:https://www.govinfo.gov/content/pkg/USCOURTS-scb-3_19-ap-80071/pdf/USCOURTS-scb-3_19-ap-80071-2.pdf
Trustee avoidance powers and actual-creditor requirement — 11 U.S.C. § 544(b)(1):https://www.law.cornell.edu/uscode/text/11/544
South Carolina conveyance law — Statute of Elizabeth, § 27-23-10:https://www.scstatehouse.gov/code/t27c023.php
Philip Anker — original WilmerHale professional profile:https://www.wilmerhale.com/en/people/philip-anker

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