Friday, 22 May 2015
Last updated 52 min 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.
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…