Case Study: Picard V. Katz

Law360, New York (October 14, 2011, 12:47 PM EDT) -- On Sept. 27, 2011, in Picard v. Katz, No. 11-03605 (JSR) (SDNY Sept. 27, 2011) (Docket No. 40), Judge Jed Rakoff granted, in part, the defendants’ motion to dismiss the Bernard L. Madoff Investment Securities LLC bankruptcy trustee’s amended complaint.

In dismissing all but two of the trustee’s claims, the court ruled that (1) the safe harbor provision in Section 546(e) of the Bankruptcy Code is applicable to transfers made by Bernard L. Madoff Investment Securities (“BLMIS”) to BLMIS customers and thus the only avoidance claims...
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