Rye Portfolio Wants $400M Madoff Clawback Suit Moved

Law360, New York (September 29, 2011, 5:23 PM EDT) -- Rye Select Broad Market XL Portfolio Ltd. sought Thursday to have the $400 million clawback suit filed against it by the liquidating trustee of Bernard L. Madoff Investment Securities LLC moved out of New York bankruptcy court, saying jurisdictional questions mandate district court interpretation.

The Cayman Islands-based company says its defense depends on whether the Bankruptcy Code's safe harbor provisions apply under the Securities Investor Protection Act, the law governing trustee Irving Picard's clawback actions — a question that must be determined by a federal district...
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