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Murphy Desmond Lawyers Win U.S. Supreme Court Case of Clark v. Rameker
Madison, WI – Attorney and U.S. Bankruptcy Trustee, William Rameker, along with his legal team at Murphy Desmond S.C., participated in an important ruling issued by the U.S. Supreme Court on June 12, 2014.
In its unanimous decision, the Supreme Court adopted Rameker’s position that the funds contained in an IRA, which had been inherited by a daughter in Clark v. Rameker, did not qualify as retirement funds. Thus, the funds were subject to the claims of creditors of the person (the daughter) who had filed for bankruptcy protection. Typically, an IRA held by the original owner would be considered a retirement fund and exempt from the reach of creditors in a bankruptcy action. A non-spousal inherited IRA, however, was found by the Supreme Court to lack the qualities of a retirement fund. See the decision entitled Clark v. Rameker at http://www.supremecourt.gov/opinions/13pdf/13-299_6k4c.pdf.
Rameker was the bankruptcy trustee in the case, who, together with Murphy Desmond attorneys, first argued the case in 2011 before the federal bankruptcy court in Madison. He argued again as the case was appealed to the federal district court, and then to the U.S. Seventh Circuit Court of Appeals in 2012.
“I am pleased the U.S. Supreme Court clarified the law on the status of a non-spousal inherited IRA held by a person who has declared bankruptcy,” said Rameker. “I am grateful to the attorneys at Murphy Desmond for their assistance in handling the case throughout the various federal courts.”
Rameker’s practice focuses on creditors’ rights, business bankruptcy and reorganizations, and he serves as a panel trustee in Chapter 7 bankruptcy cases. The team of Murphy Desmond lawyers who worked with Rameker on Clark v. Rameker included Ginger Zimmerman, Steve Morgan, Brittany Ogden, Erin West and Bill Mundt.
Murphy Desmond S.C. was founded in 1931 and employs nearly 40 lawyers in a variety of practice areas in Madison, Janesville, and Appleton, WI. From 2010 through 2013, Murphy Desmond received the First Place “Preferred Law Firm” Executive Choice Award, as selected by Madison-area members of In Business magazine’s Executive Register. Visit www.murphydesmond.com.