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Appendix Of Legal Documents And Court Cases Related To Bernard L. Madoff Investment Securities LLC And The Picard Litigation.pdf

20190829115406902_Appendix.pdf
Preview of Appendix of Legal Documents and Court Cases Related to Bernard L. Madoff Investment Securities LLC and the Picard Litigation
🔗 Source: supremecourt.gov
📊 Size: 1.29 MB
👤 Author: Raymond Clark
⬇️ Downloads: 156

Summary

In re Picard (Madoff Ponzi Scheme)

This case concerns the reach of bankruptcy law in the context of the Madoff Ponzi scheme. The trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (Madoff Securities), Irving H. Picard, sought to recover assets transferred by Madoff Securities to foreign entities and subsequently to other foreign entities, arguing these transfers were avoidable as fraudulent under bankruptcy law.

Key Issues:

Presumption Against Extraterritoriality: Does the presumption against applying U.S. laws extraterritorially prevent a U.S. trustee from recovering assets transferred abroad?
International Comity: Should principles of international comity, which require deference to foreign legal systems, limit the trustee's ability to recover assets located outside the U.S.?

Holding:

The Court of Appeals for the Second Circuit (2-1 decision) held that:

1. Neither doctrine bars recovery. The court rejected both arguments, concluding that:
The presumption against extraterritoriality doesn't apply because the relevant statutory language is clear and unambiguous, encompassing domestic and foreign transfers.
International comity does not prevent recovery as the U.S. has a strong interest in protecting victims of fraud, and the foreign entities involved were aware of the fraudulent nature of the transfers.
2. Section 550(a)(2) applies. The court ruled that § 550(a)(2), which allows a trustee to recover property transferred by the debtor, is applicable in these circumstances.

Significance:

This decision significantly expands the reach of bankruptcy law in cases involving cross-border asset transfers, potentially opening the door for trustees to recover assets hidden abroad in Ponzi schemes and other fraudulent enterprises.

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Description

A collection of legal documents and court decisions related to the Bernard L. Madoff investment scandal, including key cases like *In re Picard* (2019) and *Securities Investor Protection Corp. v. Bernard L. Madoff Inv. Securities LLC* (2014), along with associated appendices detailing procedural history, orders, and corporate disclosures.

Technical Information

  • File Format: PDF
  • File Size: 1.29 MB
  • Pages: 342
  • Language: EN
  • Author: Raymond Clark
  • Total Downloads: 156
  • Last Updated: 3 weeks ago

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