Defense Firms Quiet Victors In $30B Madoff Ruling

Law360, New York (June 20, 2013, 5:21 PM EDT) -- A landmark Second Circuit ruling Thursday barring Bernard Madoff’s trustee from suing banks that allegedly aided the Ponzi scheme marked a signature victory for a group of law firms — including Wachtell, Gibson Dunn, Cleary Gottlieb and Skadden — that have labored over the complex $30 billion case for years.

A three-judge appeals court panel ruled that Irving H. Picard, the trustee for Bernard L. Madoff Investment Securities LLC, could not sue JPMorgan Chase & Co., HSBC Holdings PLC, UBS AG and UniCredit SpA on behalf...
To view the full article, register now.