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Expert Analysis

A Significant Expansion Of Section 546 In Madoff Ruling

Law360, New York (January 14, 2015, 1:38 PM EST) -- In a highly anticipated decision, the U.S. Court of Appeals for the Second Circuit ruled in Picard v. Ida Fishman Revocable Trust (In re Bernard L. Madoff Investment Securities LLC)[1] that Securities Investor Protection Act trustee Irving H. Picard could not recover certain prepetition withdrawal payments made to Madoff's customers. Relying on the broad language of the Bankruptcy Code, the Second Circuit held that Section 546(e) shields these payments from recovery even though no securities were actually purchased or sold....

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