The liquidator of Bernard Madoff’s firm withdrew a notice of appeal of a court ruling that tossed most of his $59 billion in claims against UniCredit SpA (UCG), Sonja Kohn and other defendants, leaving in place earlier appeals seeking to recover about $30 billion in damages from banks. Madoff trustee Irving Picard gave notice to a U.S. appeals court in Manhattan last month that he might appeal U.S. District Judge Jed Rakoff’s February ruling in the case. Rakoff dismissed Picard’s claims under the racketeering statute, which allows for triple damages, saying he couldn’t prove his allegations. Picard’s withdrawal of his appeal, which he has the right to reinstate later, was approved by the appeals court yesterday, according to a filing. More on Bloomberg Businessweek here.
