Saturday, 25 October 2014
Last updated 14 hours ago
Jun 21 2013 | 11:28am ET
The trustee in the Bernard Madoff case cannot seek some $30 billion from the fraudster's banks, a federal appeals court ruled yesterday.
The U.S. Second Circuit Court of Appeals in Manhattan refused to overturn two lower-court decisions barring Irving Picard from suing JPMorgan Chase, HSBC Holdings and others. The decision is a major hit to Picard's goal of collecting enough money to make Madoff's victims whole.
"Picard stands in the shoes" of the Ponzi schemer "and may not assert claims against third parties for participating in a fraud that BLMIS orchestrated," the three-judge panel ruled. The ruling also said that Picard's responses were "scattershot" and "missed the mark."
Picard is reviewing the decision and may appeal it, his spokeswoman said.
Picard has collected about $9.3 billion of the $17 billion lost in the Madoff fraud. His spokeswoman said he still has about $4 billion in outstanding lawsuits.
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…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.