UniCredit Presses To Move $60B Madoff Clawback Suit

Law360, New York (May 12, 2011, 6:01 PM EDT) -- UniCredit SpA redoubled its efforts Tuesday to transfer a $60 billion New York lawsuit brought by the trustee for Bernard Madoff victims against the Italian bank and a slew of other foreign defendants from federal bankruptcy court to district court.

The bank maintained that Irving Picard’s claims under the Racketeer Influenced and Corrupt Organizations Act dealt little with federal bankruptcy law and required the court to address complex issues of standing and extraterritoriality better left in the hands of a district court judge, according to the...
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