The U.S. Supreme Court on Monday refused to hear a bid by major banks and companies including Koch Industries Inc to prevent a trustee chasing money for victims of imprisoned Ponzi scheme swindler Bernard Madoff from recouping funds that were transferred overseas.
The justices left in place a lower court’s ruling that revived dozens of lawsuits filed by Irving Picard, the trustee liquidating Madoff’s firm, aimed at recovering the foreign transfers. The defendants in the litigation had said the ruling improperly extended the reach of U.S. bankruptcy law beyond the country’s borders.
via U.S. Supreme Court rebuffs investors’ bid to block Madoff trustee lawsuits – Reuters.
