Bank Austria Says Picard Can't Aim Tort Claims At 3rd Parties

Law360, New York (April 09, 2012, 8:35 PM ET) -- UniCredit Bank Austria AG on Friday argued Bernard L. Madoff's bankruptcy trustee could not bring common law claims against third parties to try to get back customer property after he had accused the bank of enabling the imprisoned fraudster’s Ponzi scheme by directing billions of dollars into Madoff’s firm.

In a brief filed in the Second Circuit, Bank Austria argued that the Securities Investor Protection Act only allows for clawback claims by Irving H. Picard, the trustee recovering funds for investors in Bernard L. Madoff Investment...
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