Saturday, 25 October 2014
Last updated 18 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."
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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