Second Circuit Reverses Lower Courts, Preserves Madoff Trustee's Ability To Pursue $3.75 Billion of Stolen Customer Property

On Aug. 30, 2021, in a significant decision that paves the way for additional substantial recoveries for the victims of Bernard L. Madoff’s Ponzi scheme, the Second Circuit Court of Appeals preserved the ability of Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), to pursue $3.75 billion of stolen customer property currently in the hands of participants in the global financial markets.

Filed under:
USA, Insolvency & Restructuring, Litigation, BakerHostetler, Second Circuit
Authors:
Seanna R. Brown , Chardaie C. Charlemagne , Matthew D. Feil , Frank M. Oliva , Irving H. Picard , David J. Sheehan , Amy E. Vanderwal
Location:
USA
Firm:
BakerHostetler