By Becky Yerak
Asset manager Medley LLC has received court approval for its bankruptcy plan.
The Securities and Exchange Commission and a federal bankruptcy watchdog had opposed it, but Judge Karen Owens pointed out in a Thursday ruling that two voting classes and an unsecured creditors committee supported it.
A compensation plan that the SEC and the U.S. trustee objected to will help retain key employees, and the dollar amounts were reasonable, she said in explaining one of several reasons why she was approving it.
Judge Owens also said legal immunity being offered to certain parties was reasonable, overruling a challenge to those releases by the SEC.
Write to Becky Yerak at becky.yerak@wsj.com
(END) Dow Jones Newswires
10-07-21 1654ET
