UniCredit Says Picard Lacks Standing In $60B Suit

Law360, New York (February 18, 2011, 1:16 PM EST) -- UniCredit SpA has hit back at Bernard L. Madoff trustee Irving Picard, questioning his standing to bring a $60 billion fraud suit against the Italy-based bank and other defendants and requesting that the case be moved out of bankruptcy court.

The bank said Picard’s claims under the Racketeer Influenced and Corrupt Organizations Act mandate a move from the U.S. Bankruptcy Court for the Southern District of New York to the corresponding district court in its withdrawal motion filed Thursday.

Picard alleges that UniCredit was a co-conspirator...
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