The panel held that the claims of Irving Picard were barred by the doctrine of in pari delicto (in equal fault) and that Picard, as the trustee for Bernard L. Madoff Investment Securities, lacked standing to pursue aiding and abetting claims on behalf of customers because he was "standing in the shoes" of Madoff's securities firm.
June 21, 2013 at 12:00 AM
1 minute read
The trustee overseeing recovery efforts on behalf of victims in the Bernard Madoff multi-billion dollar Ponzi scheme does not have standing to sue financial institutions for aiding and abetting the fraud, the U.S. Court of Appeals for the Second Circuit ruled.
The circuit rejected the appeal of Securities Investor Protection Act (SIPA) trustee Irving Picard from the dismissal of four cases by Judges Colleen McMahon (See Profile) and Jed Rakoff (See Profile) in 2011.
Phila. Jury Hands Up $6.1M Verdict to Crushed Worker Despite Plaintiff's 'Nuclear' Settlement Demand
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