Obama administration sides with banks in Madoff case — CNBC

The Obama administration is siding with big banks in a dispute over their alleged role in the Bernard Madoff Ponzi scheme.

Solicitor General Donald Verrilli Jr., in a 22-page filing late Friday, urged the Supreme Court to let stand a lower court ruling that would bar Madoff Trustee Irving Picard from pursuing billions of dollars in claims against the likes of HSBC, UBS and Italy’s UniCredit, which Picard alleges helped enable the scam to take place.

via Obama administration sides with banks in Madoff case — CNBC