Bernie Madoff

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Privy Council rules on Fairfield

On 16 April 2014, the Privy Council ruled in the claims brought by the liquidators of Fairfield, one of the largest feeder funds into Bernard Madoff’s investment company. The BVI Commercial Court and the Eastern...more

Offshore Fund-Related Litigation

Litigation against directors, officers and professional service providers, following the collapse of offshore funds and collective investment schemes such as Madoff and Weavering, continues to proceed in a variety of...more

Credit Crunch Digest

This issue of the Credit Crunch Digest focuses on recent developments in Libor and the Foreign Exchange market litigation; Credit Suisse’s $885 million mortgage settlement with the Federal Housing Finance Agency; Irving...more

This Week In Securities Litigation (Week ending March 28, 2014)

The New York Attorney General secured one of the most significant market crisis settlements to date this week. The former CEO of Bank of America agreed to a three year bar from serving as an officer or director of a public...more

Bernstein Shur Business and Commercial Litigation Newsletter #38

We are pleased to present the 38th edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we highlight recent convictions in the Madoff scandal, class action litigation against General Motors...more

Madoff Verdicts Show the Risks of Staying Silent

After the revelation in 2008 that Bernard Madoff’s “wealth management” business was actually a colossal Ponzi scheme, Madoff’s victims and the public immediately asked: “Who else in the Madoff organization knew and, if they...more

Derivative Suit Filed Against JPMorgan Alleges Culture of Risk

Adding to JPMorgan Chase’s widely publicized recent legal woes, shareholder Bradley P. Miller filed a derivative suit against the bank and its directors in California federal court on January 23, 2014, as a result of the $20...more

Credit Crunch Digest - January 2014

This issue of the Credit Crunch Digest focuses on new fines and criminal charges in Libor-related cases; the staggering potential costs of resolving lawsuits filed by regulators against the major banks; a settlement in the...more

Federal Authorities Announce Major BSA/AML Action Related To Madoff Scheme

On January 7, the U.S. Attorney for the Southern District of New York, the OCC, and FinCEN announced the resolution of criminal and civil BSA/AML violations by a major financial institution in connection with the bank’s...more

How To Make A Claim Against The Madoff Victim Fund And Other Information

The Madoff Victim Fund, or MVF, is the vehicle that the United States Department of Justice, or DOJ, will use to distribute more than $4 billion in assets forfeited to the United States to victims of the crimes involving...more

“The World’s Largest Ponzi Scheme”

Regarding my last post on whistleblowers and tipsters at the SEC, I wanted to make one more related point. Many people like to yell at the SEC for not grasping the gravity of Harry Markopolos’s complaints about Bernie...more

JPMorgan Chase & Co. and its Affiliates Agree to Pay the DOJ, OCC and FinCEN an Aggregate of $2.05 Billion to Resolve Violations...

JPMorgan Chase & Co. and its affiliates (collectively, “JPMorgan”) agreed to pay an aggregate of $2.05 billion to resolve civil and criminal claims generally related to JPMorgan’s Bank Secrecy Act (“BSA”) compliance program...more

This Week In Securities Litigation (The week ending January 10, 2014)

The insider trading trial of former SAC Capital official Matthew Martoma opened this week in Manhattan with jury selection. The SEC announced the resignation of George Canellos, Co-director of the Division of Enforcement....more

UK High Court Clarifies Scope of Directors’ Duties

Court holds that directors may legitimately defer to the views of fellow directors if persuaded that the views are in the best interests of the company. On 18 October, in Madoff Securities International Limited (In...more

Bill on Bankruptcy: Madoff Victims Rooting for Stanford Victory  [Video]

Nov. 14 (Bloomberg) -- How the U.S. Supreme Court rules in a case involving the R. Allen Stanford Ponzi scheme may decide whether those defrauded by Bernard Madoff recover in full, as Bloomberg Law's Lee Pacchia and Bloomberg...more

Second Circuit Clarifies Scope of SLUSA Preclusion

In Trezziova v. Kohn (In re Herald, Primeo & Thema Sec. Litig.), No. 12-156-cv, 2013 U.S. App. LEXIS 19132 (2d Cir. Sept. 16, 2013), the United States Court of Appeals for the Second Circuit affirmed the dismissal of state...more

Insurance Recovery Law -- Oct 18, 2013

New York Court Rules That Conflict Between Exclusion and Grant of Coverage Created Ambiguity in Exclusion Requiring Trial - Why it matters: In a coverage dispute arising out of the Madoff debacle, a financial bond...more

Credit Crunch Digest -- September 2013

This issue of the Credit Crunch Digest focuses on JPMorgan’s $920 million “London Whale” settlement; interdealer broker fines for Libor manipulation; the European Union’s proposed regulations for Libor oversight; cost...more

Bill on Bankruptcy: Unprecedented Actions by Two District Judges [Video]

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...more

Second Circuit Affirms Judgment that SLUSA Precludes Madoff-Related Claims

The US Court of Appeals for the Second Circuit affirmed the district court’s dismissal of two class action suits by European investors on behalf of all investors in certain funds (Funds), against JPMorgan Chase & Co....more

Bill on Bankruptcy: Detroit Judge Might Lose Grip on the Case  [Video]

Sept. 12 (Bloomberg) -- The possibility that the most significant decisions affecting Detroit will not be made in bankruptcy court elevates the motor city to the "Case of the Week" status on the bankruptcy video with...more

Blowing the Whistle and Nobody Hears

When a person assumes the role of a whistleblower to stop the illegal and fraudulent activity of a corporation or governmental agency, it is understood that there may be harsh retaliatory acts taken by the violating...more

Southern District of New York Dismisses Complaint Against Madoff-Invested Fund

The US District Court for the Southern District of New York dismissed a complaint against J. Ezra Merkin and Gabriel Capital Corporation (together, Defendants), which together managed Ascot Fund Limited (Ascot), an offshore...more

Corporate and Financial Weekly Digest - August 9, 2013

In this issue: - Delaware Legislature Adopts Amendments to Delaware General Corporation Law - Amendments to SEC Rules Regarding Broker Dealer Financial Responsibility and Reporting Requirements - FINRA...more

SEC to Broker-Dealers: More Oversight, Fewer Madoffs?

The Securities and Exchange Commission (SEC) published a Final Rule last week amending certain annual reporting, audit, and notification requirements for broker-dealers in the broker-dealer reporting rule (Rule 17a-5) and the...more

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