Picard Urges 2nd Circ. To Revive $30B In Suits Against Banks

Law360, New York (April 27, 2012, 7:31 PM EDT) -- Irving H. Picard, the trustee liquidating Bernard L. Madoff's firm, on Thursday pressed the Second Circuit to reopen $30 billion in claims against HSBC Holdings PLC and other banks, saying he can sue even though he legally stands in the Ponzi schemer's shoes.

Though trustee Picard is a legal successor to Bernard L. Madoff Investment Securities LLC — which itself committed crimes — Picard said in a brief that U.S. securities law still allows him to sue JPMorgan Chase & Co., UBS AG and HSBC on...
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