Judge Rakoff Dings Picard in Madoff Avoidance Actions

, The Litigation Daily

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Irving Picard's efforts to spread money among Bernie Madoff's Ponzi victims hit a snag this week, when a judge ruled that Picard must present more potent allegations in order to proceed with so-called avoidance actions against entities like Societe Generale and UniCredit that handled Madoff funds.

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