Richmond, Virginia. On October 1, 2012 the Liquidating Trust for LandAmerica 1031 Exchange Services, Inc. (“LES Trust“) made distributions to allowed claimants equal to 8.3 percent of all allowed claims in its case.
This settlement was previously approved on July 9, 2012 by the Bankruptcy Court for the Eastern District of Virginia. This settlement was reached between certain former officers and directors of LandAmerica Financial Group, Inc. (“LFG”) and LandAmerica 1031 Exchange Services, Inc. (“LES”), who were been sued by the LFG Trustee on behalf of the LFG Trust and the LES Trust. The settlement provides for certain insurance carriers to pay the Trusts $36 million.
The Chapter 11 bankruptcy cases of LFG and LES were originally filed on November 26, 2008. LFG and LES, among others, filed their Joint Liquidation Plan on November 16, 2009. On November 23, 2009, the Court entered an order confirming the Plan and the Plan became effective on December 7, 2009.
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