Rakoff Shields Foreign Banks From Madoff Trustee Suits

By Andrew Scurria (July 7, 2014, 12:22 PM EDT) -- The trustee for Bernard L. Madoff's defunct firm suffered a huge setback Monday in efforts to claw back money from overseas banks that collected foreign feeder funds' Ponzi scheme proceeds when U.S. District Judge Jed S. Rakoff held that such asset transfers are outside the reach of the U.S. Bankruptcy Code....

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