An Expert on the “Monster of Wall Street”
Bill on Bankruptcy: Madoff Victims Rooting for Stanford Victory
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Bill on Bankruptcy: Secret Madoff Agreement May Harm Victims
Two recent decisions in the Madoff bankruptcy cases illustrate that the legacy of Bernie Madoff will long survive the man himself. Bernie Madoff died on April 14, 2021, while incarcerated in the Federal Medical Center in...more
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
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
Big bank earnings season kicked off this week, and impressive Q1 results from JPMorgan, Goldman Sachs, and Wells Fargo has Wall Street feeling especially bullish. This, despite “sobering signs,” including climbing infections...more
In the latest chapter of more than a decade of litigation involving efforts to recover fictitious profits paid to certain customers of Bernard Madoff's defunct brokerage firm as part of the largest Ponzi scheme in history,...more
FGLS Equity LLC was one of many feeder funds caught up in the maelstrom that followed the exposure and meltdown in 2008 of the Bernie Madoff Ponzi scheme. It lost virtually all of its money in its account with Bernard L....more
In this episode, Craig Budner interviews Brett Walter, General Counsel at A. H. Algosaibi & Bros. Listen to how this Wyoming native, turned Sociologist then big law firm attorney, went in-house to a Saudi Arabia company....more
On February 25, 2019, the U.S. Court of Appeals (2nd Circuit) ruled that the trustee in the Chapter 11 case for Madoff Investment Securities, LLC could use the U.S. Bankruptcy Code to recover payments made between foreign...more
The Bottom Line - In vacating judgments from both the District Court and the Bankruptcy Court of the Southern District of New York, the Second Circuit held, in In re Picard, 917 F.3d 85 (2d Cir. 2019), that the trustee...more
On February 25, 2019, the United States Court of Appeals for the Second Circuit issued a decision holding that a trustee is not barred by either the presumption against extraterritoriality or by international comity...more
On February 25, 2019, the U.S. Court of Appeals for the Second Circuit vacated the bankruptcy court’s dismissal of avoidance actions brought by Irving Picard, the trustee (Trustee) for the liquidation of Bernard L. Madoff...more
In a unanimous 25 February panel decision, the Second Circuit Court of Appeals held that the trustee liquidating Bernard L. Madoff's investment firm can claw back billions in Ponzi scheme proceeds from investors who received...more
The Second Circuit holds that the presumption against extraterritoriality and international comity do not bar recovery of purely foreign transfers. Key Points: ..The Second Circuit focused on the initial transfer from...more
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
Three weeks after his initial arrest, Japanese prosecutors have officially indicted former Nissan Chair Carlos Ghosn for understating his income by $43 million....more
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
In what can only be deemed a major reversal, the White House has reportedly ordered its economic adviser and trade representative to study rejoining the Trans Pacific Partnership, just a year after yanking the US out of deal...more
On Feb. 9, 2018, the Second Circuit decided SPV Osus Ltd. v. UBS AG , affirming the dismissal of UBS AG and related and unrelated foreign financial management companies from litigation brought by alleged victims of the...more
The Second Circuit recently issued an important decision on a “related to” jurisdiction case arising out of the Bernie Madoff Ponzi scheme. SPV Osus, Ltd. v. UBS AG, 2018 U.S. App. LEXIS 3088 (2d Cir. Feb. 9, 2018). SPV...more
On February 9, 2018, the United States Court of Appeals for the Second Circuit affirmed the dismissal of aiding and abetting claims against UBS AG, AIA LLC, and their affiliated entities and individuals. SPV Osus Ltd. v. UBS...more
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
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
Even as the administration is mulling over withdrawing from the Paris Climate Accord, Exxon Mobil’s shareholders have voted to demand a more detailed accounting of the climate change policy risks facing the company—an...more
Bass, Berry & Sims attorney Chris Lazarini discussed a case in which a pension fund, a "net winner" in the Madoff Ponzi scheme, filed an ERISA action against its investment adviser seeking to recover "lost opportunity"...more
In a recent Tax Court decision, Harry H. Falk, and Steven P. Heller, Co-Executors, v. Commissioner of the Internal Revenue, the United States Tax Court ruled that in the case of the Madoff Ponzi scheme, an estate which paid...more