Overseas Firms Ask High Court To Block Madoff Clawbacks

Law360 (September 3, 2019, 6:42 PM EDT) -- A group of financial institutions is asking the U.S. Supreme Court to overturn a Second Circuit ruling that the trustee for Bernie Madoff’s investment firm can claw back billions in overseas transfers, accusing the panel of creating a “legal fiction” to justify its ruling.

In a certiorari petition filed last week, the banks and service providers asked the high court to take up their appeal, saying the Second Circuit’s ruling that the Madoff trustee could recover the transfers was contrary to prior Supreme Court rulings and dangerously expanded the jurisdiction of U.S. bankruptcy law.

“The Second Circuit’s decision directly conflicts with...

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