Friday, 6 March 2015
Last updated 5 hours ago
Nov 1 2013 | 1:27pm ET
The trustee in the Bernard Madoff case has won a rare victory in his battle to recoup money from banks.
U.S. District Judge Jed Rakoff, who earlier ruled that Irving Picard did not have standing to sue third-parties allegedly involved in the fraud, now says that Picard can go after banks that got money from Madoff feeder funds. Picard hopes to seek about $8 billion from 50 banks and financial institutions.
In a ruling released Wednesday, and which clarifies a December ruling, Rakoff said that forcing Picard to sue each entity that transferred funds to banks individually would be took expensive and "could cause bankruptcy proceedings to drag on unnecessarily for years, wasting court resources as well as creating unnecessary uncertainty."
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…