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Madoff Bankruptcy Judge Enables Immediate Appeal of Controversial Damages Calculation Order
Judge’s certification of controversial order allows immediate appeal.
Madoff Trustee Asks Court to Determine Recovery Formula
Trustee Irving Picard asks the court to determine the proper formula for compensating victims of the fraud.
Madoff Trustee Also Sues Cohmad Securities and Principals Today
The SEC is not the only one suing Cohmad Securities and several of its principals today.
This afternoon, Irving H. Picard (pictured), the court-appointed trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), announced that he had filed a complaint in bankruptcy court against Cohmad Securities Corporation and certain of its principals, including [...]
KfW Bank, Please Meet iShares
Remember German state-owned bank KfW, dubbed “Germany’s dumbest bank” by the country’s largest circulation newspaper after it transferred €319m (approximately $426 million) to Lehman Brothers on September 15, the day it went bankrupt?
Well, KfW, please meet San Francisco-based management investment company iShares!
A class action filed May 12, 2009, in federal court in San Francisco alleges [...]
Madoff Trustee Files Latest in Series of Lawsuits Seeking Return of Billions
The trustee overseeing the liquidation of Bernard L. Madoff Investment Securities brought a third lawsuit yesterday demanding the return of huge sums from investors that had extensive relationships with Madoff. The NYLJ reports that trustee Irving H. Picard (pictured) brought a $1.1 billion complaint on Tuesday against Harley International Ltd. claiming the firm “knew [...]
SEC Charges Reserve Management Co., Others, With Fraud For Disclosures Related to “Breaking the Buck”
The troubles continue to mount for the The Reserve Primary Fund., the money market fund that “broke the buck” on Sept. 16, 2008 and quickly became a defendant in numerous securities class actions. Today, the SEC announced that it has filed an enforcement action charging the entities and individuals who operate The Reserve Primary Fund [...]
SIPC President Says $2.6 Billion Will Cover all Legitimate Madoff Claims; Victims Disagree With Formula Used
Stephen Harbeck, president of the Securities Investor Protection Corp., has now stated that the $2.6 billion SIPC has on hand is enough to satisfy all legitimate claims by victims of Bernard Madoff’s Ponzi scheme. Bloomberg reports that Harbeck’s position is based on a formula with which Madoff investors take great issue.
SIPC’s decision, first announced [...]
Madoff Bankruptcy Trustee Uncovers Assets in Gibraltar
Irving Picard, the trustee appointed by the bankruptcy court to identify Bernard Madoff’s assets, has reportedly found assets in the British territory of Gibraltar. The Daily News reports that David Sheehan, an attorney working for Picard, has asked Bankruptcy Judge Burton Lifland to let the trustee hire some English lawyers familiar with Gibraltar law to [...]
Madoff Trustee Says No Securities Purchased for Madoff Customer Accounts in at Least 13 Years
At a hearing for Madoff investors today, Irving Picard, the trustee overseeing the liquidation of Madoff’s assets, stated that there was “no evidence to indicate securities were purchased for customer accounts” in at least 13 years.
The AP reports that at the meeting, which was held at the U.S. Bankruptcy Court in Manhattan, David Sheehan, a [...]
Fox Business Video: Madoff Bankruptcy Trustee Will Seek “Clawbacks” Going Back Six Years
Fox Business News’ Adam Shapiro reports in this video that sources close to the Madoff bankruptcy proceedings say that the bankruptcy trustee will soon seek to clawback money from investors who withdrew money from the Madoff firm over the past six years.