Madoff Trustee Argues Morrison Won't Nix Foreign Suits

Law360, New York (September 21, 2012, 6:58 PM EDT) -- The trustee for Bernard L. Madoff’s defunct firm told a New York federal judge Friday that he has the right to sue foreign entities that allegedly received Ponzi scheme proceeds, arguing the U.S. Supreme Court’s landmark Morrison ruling did not doom 60 such cases.

An attorney for Bernard L. Madoff Investment Securities LLC trustee Irving Picard urged U.S. District Judge Jed S. Rakoff to keep alive the suits to recover supposed fraudulent transfers from BLMIS to foreign investors and funds. The suits, brought under the Securities...
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