Analysis

2nd Circ.'s Madoff Foreign Clawback Ruling Boosts Trustees

Law360 (February 27, 2019, 9:50 PM EST) -- With its ruling this week that the trustee liquidating Bernie Madoff's investment firm can claw back billions in Ponzi scheme proceeds transferred to entities overseas, the Second Circuit has provided broad assurance that domestic frauds can be dutifully unwound, according to experts.

In a unanimous panel opinion, the Second Circuit found that all of the funds transferred out of Bernard L. Madoff Investment Securities LLC are subject to U.S. jurisdiction even if they wound up in the pockets of investors abroad. The panel said the transactions in the clawback cases brought by BLMIS trustee Irving H. Picard are domestic and do...

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