Bernie Madoff and R. Allen Stanford are behind bars and out of the headlines. But lawyers tasked with cleaning up their messes hope the U.S. Supreme Court will take up a critical issue: Do federally appointed court officers have standing to sue on behalf of creditors to recover their money?
“We have two of the largest Ponzi schemes in American history, and both court-appointed officers are battling the same issue,” said Kevin Sadler, a Baker Botts partner in Palo Alto, Calif. He represents Ralph Janvey, the court-appointed receiver tasked with recovering assets invested with Stanford and his companies. Janvey is a partner in Dallas’ Krage & Janvey.
