Friday, 29 August 2014
Last updated 8 min ago
Oct 12 2011 | 6:28am ET
ABN Amro Bank has won a change of venue in its $267 million legal battle with the Bernard Madoff trustee, as he filed another lawsuit against it.
The Dutch bank has successfully petitioned to have the case against it heard in federal District Court in New York, rather the U.S. Bankruptcy Court. Irving Picard is seeking the return of funds ABN's Irish affiliates are said to have gotten in a swap transaction from a Bernard Madoff feeder fund.
U.S. District Judge Jed Rakoff, who's shown himself to be no fan of Picard's, will hear the case, which he called similar to the more than 60 Madoff lawsuits he's considering.
According to ABN, a recent U.S. Supreme Court ruling "precludes a bankruptcy court from exercising jurisdiction over the causes of action here." The bank said it would rely on the safe harbor doctrine in its defense, and questioned Picard's application of U.S. law to ABN.
Last week, Picard filed another suit against ABN, seeking $25.5 million in transfers "derived from investments with BLMIS."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...