Madoff Trustee May Continue With $2.2M Clawback Suit
New York, September 20, 2017 – A New York bankruptcy court allowed the trustee for Bernie Madoff’s defunct investment firm to proceed with a suit that seeks to claw back $2.2 million withdrawn by an investor before the $65 billion Ponzi scheme collapsed. The U.S. Bankruptcy Judge Stuart Bernstein stated that Irving Picard, the trustee for Bernard L. Madoff Investment Securities LLC, had alleged enough facts to support his fraudulent transfer claims against Radcliff Investments Ltd. and Rothschild Trust Guernsey Ltd. Judge Bernstein has given 30 days to Irving Picard to re-plead the case with additional supporting facts.
Previously, Rothschild had moved to dismiss the case, alleging that the Trustee has not presented enough evidence to justify either claim, but Picard argued that he should be allowed to conduct discovery and dig up more facts before Rothschild was allowed to finish the suit with an affirmative defense.
The case is Irving H. Picard v. Radcliff Investments Ltd., et al., case number 1:08-ap-01789, in the U.S. Bankruptcy Court for the Southern District of New York
A. Bongiorno, Ex-Madoff Employee, to Assist Trustee in Locating Stolen Funds in the Madoff Ponzi Scheme
New York, August 28, 2016 – Annette Bongiorno, a former Bernard L. Madoff Investment Securities…Read More
Idaho Court Avoids Imperfect Security Interest as Preference
Hopkins v. Dig. Fed. Credit Union (In re Parker), Nos. 14-40133-JDP, 16-8004-JDP, 2016 Bankr. LEXIS…Read More
Chief Judge Ferguson Denies Defendant’s Motion to Dismiss in TransVantage Solutions, Inc.
Giuliano v. Delta Air Lines, Inc. (In re TransVantage Sols., Inc.), Nos. 13-19753, 15-1882, 2016…Read More
Delaware: No Cap on Fraudulent Transfer Claim Damages under Section 550(a)
November 1, 2017, Delaware – The litigation trust for Debtor Physiotherapy Holdings, Inc. brought an…Read More
Automatic Adjustment of Certain Dollar Amounts in the Bankruptcy Code and Official Bankruptcy Forms to Take Effect from April 1, 2016
April 1, 2016, New York – Automatic adjustments to certain dollar amounts in the Bankruptcy…Read More