The U.S. Supreme Court has finally put an end to Irving Picard’s quest to recover billions of dollars from HSBC Bank plc, UniCredit SpA and other banks he accused of facilitating Bernard Madoff’s fraud.
The high court declined Monday to review a ruling that Picard, the trustee tasked with recovering funds for Madoff investors, doesn’t have standing to sue the banks for common law causes of action like unjust enrichment and aiding and abetting fraud. Picard, a partner at Baker & Hostetler, had sought more than $8 billion in damages from the banks.
