Madoff Trustee Presses 2nd Circ. To Reopen $30B In Claims

Law360, New York (February 16, 2012, 11:31 PM EST) -- The trustee overseeing the liquidation of imprisoned Ponzi schemer Bernard L. Madoff's investment firm asked the Second Circuit on Thursday to overturn two rulings that tossed $30 billion in claims against JPMorgan Chase & Co., UBS AG and HSBC Holdings PLC for lack of standing.

In three separate appeals filed with the Second Circuit, Madoff trustee Irving Picard said that according to Second Circuit precedent set in Redington v. Touche Ross & Co., a trustee appointed under the Securities Investor Protection Act is a real party...
To view the full article, register now.