Judge: Madoff Trustee Can’t Chase Foreign Funds
The trustee seeking to recover Bernard Madoff’s assets, on behalf of the Ponzi scheme architect’s victims, has lost a legal bid to recover money from customers and banks of overseas funds that invested with the disgraced financier. Trustee Irving Picard had pursued the overseas feeder funds, as well as their customers and banks. He argued that any withdrawals they received from Madoff’s business could be recovered to help repay thousands of average investors, charities, celebrities and others victimized by the scam. Picard’s position was that Bankruptcy Court law gave him legal title over all of Madoff’s property, “wherever located and by whomever held.” But U.S. District Court Judge Jed Rakoff rejected that interpretation in a 19-page decision filed Sunday. Rakoff wrote, “Though clever, the theory is neither logical nor persuasive.”
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