Judge Scraps Bulk Of Madoff Trustee's $9B HSBC Suit

Law360, New York (July 28, 2011, 6:28 PM EDT) -- The trustee overseeing the liquidation of Bernard L. Madoff's investment firm suffered a stinging defeat Thursday when a New York federal judge dismissed common law claims making up the bulk of his nearly $9 billion lawsuit against HSBC Holdings PLC.

U.S. District Judge Jed S. Rakoff ruled that Irving H. Picard, the trustee appointed to recover funds for investors in Bernard L. Madoff Investment Securities LLC, put forth a “number of convoluted theories” against the British bank to establish standing to bring common law claims worth...
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