Trade Group Urges 2nd Circ. To Block Trustee's Suits
By David McAfee
Law360, Los Angeles (October 18, 2013, 9:42 PM EDT) -- The Securities Industry and Financial Markets Association urged the Second Circuit on Friday to block suits brought against former customers of Bernard Madoff by bankruptcy trustee Irving Picard, arguing that a contrary ruling would “destabilize the securities markets” and undermine Congress’s judgment.
SIFMA’s amicus brief comes a week after a variety of former customers of Bernard Madoff Investment Securities LLP pushed the Second Circuit to block the suits brought by Picard, who seeks to recover payments made to them in the six years before the implosion...