Defendants Can Arbitrate Nadel Clawback Suits: Judge

Law360, New York (June 8, 2011, 9:01 PM EDT) -- A federal magistrate judge in Florida on Tuesday recommended that defendants in 23 clawback suits filed by a receiver overseeing recovery for victims of Ponzi schemer Arthur G. Nadel be permitted to arbitrate the claims against them.

The suits at issue were among more than 150 actions lodged by the receiver in effort to recover false profits collected by investors in six hedge funds established by Nadel's Scoop Capital LLC and Scoop Management Inc. Nadel pled guilty in February 2010 to securities crimes in association with...
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