Picard Can't Appeal 'Good Faith' Madoff Clawback Ruling

Law360, New York (July 21, 2014, 5:18 PM EDT) -- U.S. District Judge Jed Rakoff refused on Monday to let the liquidating trustee for Bernard L. Madoff’s defunct firm seek appellate review of a decision weakening clawback suits against investors affected by the Ponzi scheme, saying the cases should not “languish” while the Second Circuit tackles a narrow question of law.

Ruling against both Bernard L. Madoff Investment Securities LLC trustee Irving Picard and the Securities Investor Protection Corp., Judge Rakoff declined to allow an appeal of a May decision that put the onus on Picard...
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