Madoff Bankruptcy Judge Lifland Dies

Jan 14 2014 | 11:14am ET

The federal bankruptcy court judge overseeing the Bernard Madoff case has died.

Burton Lifland spent more than three decades as a U.S. bankruptcy judge in Manhattan, the last five of them dealing with the fallout from the Madoff Ponzi scheme. He died Sunday at age 84 from bacterial pneumonia.

Lifland frequently sided with court-appointed Madoff trustee Irving Picard as the latter sought to unwind Madoff's scheme and collect money to return to his victims. Among Lifland's crucial rulings in the case were to back Picard's plan to exclude both the so-called "net winners"—Madoff investors who, during the life of their investment with the conman, withdrew more than they put in—and indirect investors who lost money with Madoff through feeder funds.

During his time on the bench, which began in 1980, Lifland served as both chief judge of the Manhattan bankruptcy court and as chief judge of the bankruptcy appellate panel for the U.S. Second Circuit Court of Appeals. During those 34 years, he dealt with the bankruptcies of video rental giant Blockbuster and power company Calpine. He also helped write Chapter 15 of the U.S. Bankruptcy Code, dealing with foreign companies.

The bankruptcy court has not announced who will take over for Lifland on the Madoff case.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR