Israeli Universities Escape Madoff Trustee’s $50 Million US Suit

Four universities in Israel successfully defeated a New York bankruptcy court lawsuit brought by the trustee for Bernie Madoff’s defunct investment firm but still face claims abroad over their receipt of roughly $50 million in funds derived from Madoff’s Ponzi scheme.

Judge Cecelia Morris of the US Bankruptcy Court for the Southern District of New York ruled that trustee Irving Picard doesn’t have jurisdictional grounds to bring fraudulent transfer claims against the universities in her court.

Source: Israeli Universities Escape Madoff Trustee’s $50 Million US Suit