Cohmad Can't Shake Madoff Trustee's $245M Suit

Law360, New York (August 1, 2011, 9:29 PM EDT) -- A New York bankruptcy judge on Monday refused to dismiss a $245 million lawsuit Madoff trustee Irving Picard brought against Cohmad Securities Corp., an investment firm that was allegedly a key ally to the Ponzi schemer.

U.S. Bankruptcy Judge Burton Lifland allowed the suit against Cohmad and its principals to go forward, saying Picard made an adequate case.

The decision is an important victory for Picard, who succeeded in keeping his suit alive despite the U.S. Securities and Exchange Commission's failure to bring a similar case...
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