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Declining to create a circuit split, Third Circuit Judge Thomas Ambro held that a retirement plan structured according to ERISA is excluded from estate property even if transactions by the trust violated ERISA or IRS Code regulations.

Benchnotes By Aaron M. Kaufman, Bradley D. Pack and Christina Sanfelippo One Practical Effect of Using Bankruptcy to Pursue Litigation in the Context of a Ponzi Scheme: The In Pari Delicto Defense In Kelly v. BMO Harris Bank NA, 1 the Eighth Circuit explained one key