Thursday, April 12, 2012

Banruptcy Law - A Look Back at Anna Nicole Case

Bankruptcy courts in the U.S. have always been reliably fast. A recent ruling by the U.S. Supreme Court may change all of that and spur other big changes. The 5-4 decision, Stern v. Marshall, revolves around the case that was originally started by the late Anna Nicole Smith. Smith was married to millionaire J. Howard Marshall II when he passed away. Despite her own death in 2007, the case has continued to wind its way through various courts until reaching the Supreme Court.

The claim by Smith's estate for $88 million in damages is finally resolved, and the estate of the late E. Pierce Marshall, son of her late husband, wins all of his father’s $1.6 billion estate despite Smith's claims for fraud.

The legal saga began when Smith filed for bankruptcy after the death of her husband. The move was made because her late husband's son, E, Pierce Marshall, was successful in barred her from receiving any money from her late husband's estate.

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