The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat
Thursday, 19 January 2017
Last updated 14 min 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."