News & Analysis as of

Bernie Madoff SIPA

Jones Day

New York Bankruptcy Court: Setoff and Unjust Enrichment Cannot Be Asserted as Affirmative Defenses in Bankruptcy Avoidance...

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In a 2021 ruling, the U.S. Court of Appeals for the Second Circuit revived nearly 100 lawsuits seeking to recover fraudulent transfers made as part of the Madoff Ponzi scheme. In one of the latest chapters in that resurrected...more

Jones Day

Case Update: Second Circuit Breathes New Life Into Madoff Trustee's Efforts to Recover Ponzi Scheme Payments

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In In re Bernard L. Madoff Investment Securities LLC, 12 F.4th 171 (2d Cir. 2021), the U.S. Court of Appeals for the Second Circuit revived litigation filed by the trustee administering the assets of defunct investment firm...more

Jones Day

In Brief: U.S. Supreme Court Declines Review of High-Profile Bankruptcy Rulings

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Madoff - In what may be the beginning of the final chapter of more than a decade of litigation involving efforts to recover $41 million of the fictitious profits paid to certain investors in Bernard Madoff's defunct...more

Kramer Levin Naftalis & Frankel LLP

Bankruptcy Court for the Southern District of New York Holds That Bankruptcy Court Retains Jurisdiction Over Fraudulent Transfer...

In Picard v. BAM LP (In re Bernard L. Madoff Investment Securities LLC), Adv. Pro. No. 10-04390 (Bankr. S.D.N.Y. Jan. 18, 2019), a matter arising out of the Ponzi scheme perpetrated by Bernard Madoff through Bernard L. Madoff...more

Jones Day

Second Circuit Affirms Bankruptcy Court’s Nullification of Chapter 15 Debtor’s Sale of Claim Due to Woefully Inadequate Price

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In the March/April 2013 edition of the Business Restructuring Review, we reported on an opinion by the U.S. Bankruptcy Court for the Southern District of New York concluding that a chapter 15 debtor’s sale of claims against...more

McGuireWoods LLP

District Court Scrutinizes Inter-Account Transfers for Madoff Customers

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The District Court for the Southern District of New York recently affirmed the Bankruptcy Court’s decision to approve the method used by trustee of the estate of Bernard L. Madoff Investment Securities LLC (BLMIS) to value...more

Sheppard Mullin Richter & Hampton LLP

Second Circuit Holds That SIPA Does Not Permit an Inflation or Interest Adjustment to “Net Equity” Claims For Customer Property

In In re Bernard L. Madoff Investment Securities LLC, No. 14-97-bk(L), 2015 WL 727965 (2d Cir. Feb. 20, 2015), the United States Court of Appeals for the Second Circuit held that no adjustment for inflation or interest could...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Ruling on Extraterritoriality May Protect Foreign Investors in US Bankruptcies"

The Bankruptcy Code authorizes a bankruptcy trustee to avoid (i.e., obtain the return of) certain types of prepetition property transfers so that the bankrupt estate can be divided among creditors fairly. For example, a...more

Goodwin

Second Circuit Fails to See the Comity in Chapter 15

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In Krys v. Farnum Place, the Second Circuit ruled that, in a Chapter 15 ancillary proceeding, a SIPA claim is within the territorial jurisdiction of the United States and its sale by the Foreign Representative must be...more

Orrick, Herrington & Sutcliffe LLP

U.S. District Court Limits the Extraterritorial Application of U.S. Bankruptcy Law but Important Considerations for Foreign...

On July 6, 2014, Judge Jed S. Rakoff, United States District Judge for the Southern District of New York, declined to extend the reaches of section 550(a) of the Bankruptcy Code abroad to permit the recovery of funds that...more

Latham & Watkins LLP

Madoff Bankruptcy Decision Offers Protection for Foreign Investors

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In re Madoff Securities Extends Morrison Framework to Prevent Avoidance of Purely Foreign Transfers under SIPA and the Bankruptcy Code - Applying the U.S. Supreme Court’s landmark decision in Morrison v. National...more

Goodwin

Ruling Explains and Extends Application of Good Faith Defense to Fraudulent Transfer Actions in SIPA Context

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In an April 27, 2014 decision in the Madoff cases, Judge Jed S. Rakoff ruled that the standard of good faith should be considered differently in a Securities Investor Protection Act (SIPA) liquidation. To defeat a good faith...more

Katten Muchin Rosenman LLP

Second Circuit Affirms Dismissal of Madoff Trustee’s Common Law Claims

The US Court of Appeals for the Second Circuit affirmed the district court’s dismissal of common law claims brought by Irving H. Picard (Trustee), trustee for Bernard L. Madoff Investment Securities (BLMIS), against several...more

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