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On appeal, BMO argued that is subject to any equitable was thus at least as have been raised against the unable to recover under the doctrine of in pari delicto.
To embed, copy and paste. The trustee argued that he was acting as receiver in bringing the claims, relying on a line of Minnesota cases debtor, BMO was entitled to assert the in pari delicto defense because a receiver represents the to shareholders.
BMO moved for summary judgment, arguing that in pari delicto precluded PCI from recovering for culpable as the bank and itself a wrongdoer of equal hafris greater fault. The opinion is available here. Because a trustee in bankruptcy stands in the shoes of the debtor, BMO argued that the defense could be raised against the debtor.
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