Bill on Bankruptcy: Unprecedented Actions by Two District Judges

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Sept. 26 (Bloomberg Law) -- Two federal district judges tied for Judge of the Week on the video with Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle. District Judge Lynn N. Hughes in Houston took a case entirely away from the bankruptcy judge rather than hear an appeal, while District Judge Jed Rakoff wrote an opinion sitting on the appeals court in a case involving Bernard Madoff's fraud where in substance he told himself how to rule in another Madoff case he's hearing as a district See more +
Sept. 26 (Bloomberg Law) -- Two federal district judges tied for Judge of the Week on the video with Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle. District Judge Lynn N. Hughes in Houston took a case entirely away from the bankruptcy judge rather than hear an appeal, while District Judge Jed Rakoff wrote an opinion sitting on the appeals court in a case involving Bernard Madoff's fraud where in substance he told himself how to rule in another Madoff case he's hearing as a district judge.

Former chairman of the Securities and Exchange Commission Richard C. Breeden, appointed to distribute $2.2 billion forfeited to the U.S. government, hinted he might give money to some victims of the Madoff Ponzi scheme who were denied claims by the trustee under the Securities Investor Protection Act.

Investors in stock and bonds issued by bankrupt Overseas Shipholding Group Inc. received a surprise when the company published disappointing projections. They were more surprised when the securities dropped precipitously in value. See less -

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Topics:  Bernie Madoff, Commercial Bankruptcy, Fraud, SEC, SIPA

Published In: Bankruptcy Updates, Civil Procedure Updates, Criminal Law Updates, Finance & Banking Updates

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