Madoff Trustee's Supreme Court Case Puts DOJ In Bind

By Stephanie Russell-Kraft (January 14, 2014, 6:53 PM EST) -- The U.S. Department of Justice is set to weigh in on whether the liquidation trustee for Bernard Madoff's investment group can pursue claims against the banks that helped facilitate Madoff's Ponzi scheme, but the agency may be hard-pressed to make Irving Picard's case, attorneys say.

The Supreme Court on Monday asked the Solicitor General to file a brief on behalf of the government in Irving H. Picard's bid to seek $8 billion in damages from UBS AG, HSBC Bank PLC and other major banks allegedly responsible for allowing Madoff to lose $20 billion in investor funds.

A recovery that large would...

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