Applying Georgia law, the United States Bankruptcy Court for the Northern District of Georgia has voided a surplus lines policy on the grounds that the insured, a purported hedge fund management firm, concealed that it was operating a Ponzi scheme, submitted an inaccurate financial statement, and misrepresented that its investment funds were “stable.”Perkins v. Am. Int’l Specialty Lines Ins. Co., 2012 WL 2105908 (Bankr. N.D. Ga. Apr. 3, 2012).
On May 4, 2012, the trustee liquidating Bernard L. Madoff Investment Securities Inc., Irving Picard, revised his lawsuit against the Madoff family to add as defendants the spouses of Bernard Madoff’s two sons. Picard is seeking $54.5 million in claims for unjust enrichment from Andrew Madoff’s wife, Deborah Madoff, and Mark Madoff’s widow, Stephanie Mack. Picard is also seeking an additional $3 million that was allegedly transferred to Deborah Madoff, Stephanie Mack and Mark Madoff’s first wife, Susan Elkin.
Madoff trustee Irving Picard is seeking to recoup nearly $65 billion for investors. However, he has only been able to procure approximately $9 billion. Of that $9 billion, approximately $6.4 billion is tied up in challenges, leaving only $2.6 billion for Picard to disburse. Picard has actually paid investors around $330 million, while reserving the remaining $2.3 billion in customer accounts.
On May 15, 2012, the United States Court of Appeals for the Eleventh Circuit issued an opinion in the TOUSA, Inc.
Irving Picard, the trustee in charge of recovering approximately $20 billion from the Madoff Ponzi scheme, may now seek claims against the wives of Bernard Madoff's two sons according to a recent court order. Judge Burton Lifland of the U.S.
We have been following the saga of the case brought by Irving Picard, the trustee overseeing the Bernard Madoff bankruptcy liquidation proceeding, against the owners of the NY Mets, Saul Katz and Fred Wilpon.
On the surface, Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), had a very good day. Judge Jed S.
IN RE: IFC CREDIT CORP. (December 5, 2011)
Judge Jed S. Rakoff this week denied the request of Irving Picard, the trustee of Bernard L.
Today, the Federal Securities Litigation Blog continues its with its larger-than-usual blog entry examining the Top 10 securities litigation stories that were the most intriguing in 2011. As mentioned yesterday, like any sort of Top 10 list, not everyone will agree. Other bloggers will have their own lists with different stories. But on a personal basis, these stories that fascinated me – like a good book, I look forward to the next "chapter" in these stories in 2012.
Here's a quick headline look at the Top 5: