Thursday, 27 August 2015
Last updated 1 hour ago
Dec 8 2011 | 2:21am ET
The court-appointed trustee in the Bernard Madoff Ponzi scheme case has appealed a judge's dismissal of a $19 billion claim against JPMorgan Chase.
U.S. District Judge Colleen McMahon last month junked the suit, ruling that, when dealing with third parties, Irving Picard represents Bernard L. Madoff Investment Securities, and not Madoff's victims. Only the fraudster's victims—his creditors—can sue third parties.
Picard argued that such a reading of the law could seriously restrict the amount he'll be able to recover from the $65 billion fraud—by as much as $40 billion.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…