Picard Fights Efforts To Revive Picower Suits In 2nd Circ.

Law360, New York (December 6, 2012, 8:24 PM EST) -- Victims of Bernard Madoff's Ponzi scheme have no right to parrot legal claims brought by Madoff trustee Irving Picard, Picard told the Second Circuit on Thursday, asking the appeals court to kill investor class actions against the estate of Madoff investor Jeffry Picower.

Allowing investors to sue each other could create legal chaos, Picard's lawyers said at oral arguments in Manhattan. Picard, who has been appointed to recover money from Madoff “net winners” and disperse it to “net losers,” wants the appeals court to affirm a...
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