Saturday, 27 December 2014
Last updated 3 days 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."
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.