Madoff Trustee May Pursue Assigned Customer Claims

Law360, New York (December 9, 2013, 7:21 PM EST) -- A New York federal judge on Friday held that the trustee liquidating Bernard Madoff’s investment firm’s estate may only assert certain claims against feeder funds on behalf of the firm’s customers if the claims are validly assigned to him.

U.S. District Judge Jed S. Rakoff said in a 24-page decision that trustee Irving Picard, charged with liquidating the bankruptcy estate of Bernard L. Madoff Investment Securities LLC under the Securities Investment Protection Act, does not have standing to bring the common law claims himself under Second...
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