News & Analysis as of

Bernie Madoff Securities Fraud

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

Allen Matkins

Did George Rice Foresee Bernie Madoff?

Allen Matkins on

Goldfield, Nevada exploded into Nevada's largest city in the first decade of the Twentieth Century.  It supported two stock exchanges - the Goldfield Mining Stock Exchange (which began in the Northern Saloon) and the...more

The Volkov Law Group

White Collar Criminals and Sending a Message to Deter Misconduct (Part II of III)

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When Judge Denny Chin sentenced Bernie Madoff, perhaps the most notorious white-collar criminal, Judge Chin imposed a sentence of 150 years, the maximum possible under the law. Madoff was 71 years old. His Ponzi scheme...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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AT&T’s chief is weighing in the DOJ’s call to sell CNN in order to make its deal with Time Warner go through, and, as Randall sees it, “selling CNN makes no sense”....more

Carlton Fields

No Repose for Debate on Applicability of American Pipe Tolling

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In its seminal 1974 American Pipe opinion, the Supreme Court held that the commencement of a class action tolls the applicable statutes of limitation as to all putative class members who would have been parties had the class...more

Skadden, Arps, Slate, Meagher & Flom LLP

"SLUSA in the Age of Madoff"

Litigation arising out of Bernard Madoff's Ponzi scheme has generated multiple legal developments, including new case law regarding the Securities Litigation Uniform Standards Act of 1998 (SLUSA). SLUSA provides a powerful...more

Dorsey & Whitney LLP

Last Madoff Employee Sentenced to Prison

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The former Controller at Bernard L. Madoff Investment Securities LLC was sentenced following the entry of guilty pleas in 2012. He is the last of the Madoff employees to be sentenced to prison. U.S. v. O’Hara, Case No....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

Goodwin on

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

Bilzin Sumberg

Derivative Suit Filed Against JPMorgan Alleges Culture of Risk

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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

Dorsey & Whitney LLP

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

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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

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