Friday, 24 April 2015
Last updated 5 hours 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."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…