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Madoff Accountants Say Trustee Can’t Reargue Dismissal of Clawback Claims

New York, September 21, 2016 — The two accountants, Frank Avellino and Michael Bienes, urged a New York bankruptcy judge last month to deny the motion of the Madoff trustee, Irving Picard, to reargue the clawback claims against them that were dismissed in July earlier this year. The accountants asserted that the trustee’s motion to reargue should not be granted because the very basis of the Court’s granting of the motion to dismiss in part was the lack of subject matter jurisdiction of the Court to hear claims for fraudulent transfer which occurred prior to January 1, 2001. Further, the accountants contended that as the trustee has already presented its arguments to the Court, has shown no controlling decisions of facts that the Court overlooked which would have coaxed the Court to decide differently, the trustee fails to meet the standard for a motion to reargue and therefore, the trustee’s motion should be denied.


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