Madoff Trustee Says Calif. AG's Suit Is Illegal

Law360, New York (June 7, 2012, 3:53 PM EDT) -- The trustee liquidating Bernard L. Madoff's investment firm told a New York bankruptcy court on Wednesday that a suit by the California attorney general against an investment manager linked to the Ponzi scheme violates bankruptcy law and compromises the trustee's ability to recover for Madoff victims.

Recent court decisions have affirmed that California Attorney General Kamala Harris' police powers should not exempt her from the automatic stay imposed by bankruptcy proceedings as she has argued, trustee Irving Picard said in a memorandum. Harris should be stopped...
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