SEC Fights Effort To Push Madoff Into Bankruptcy

Law360, New York (April 8, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission on Wednesday asked the judge in its case against Bernard L. Madoff to put a stop to efforts by customers of Bernard L. Madoff Investment Securities LLC to force the disgraced financier into involuntary bankruptcy.

The SEC asked that the court oppose the customers' bid for permission to commence an involuntary bankruptcy proceeding. The SEC argued that contrary to fears expressed by Madoff's customers that they will be shut out of any recovery of missing assets, the agency will cooperate...
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