Madoff Trustee Wants 2nd Circ. Review of Merkin Decision

Law360, Los Angeles (September 5, 2014, 10:09 PM EDT) -- Bernie Madoff’s liquidating trustee said Friday he planned to appeal a New York bankruptcy judge’s decision gutting his $564 million fraudulent transfer suit against Madoff feeder fund manager J. Ezra Merkin, asking the court for permission to seek Second Circuit review.

Bernard L. Madoff Investment Securities LLC trustee Irving Picard said he wanted the Second Circuit to decide whether he needed to plead that defendants in fraudulent transfer suits actually knew Madoff was committing fraud in order to survive safe harbor affirmative defenses.

U.S. Bankruptcy Judge Stuart M. Bernstein dismissed nine of Picard’s 13 counts against Merkin last month, and Picard...

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