Investors who lost in Madoff scheme fail to win damages from IRA custodians

Investors who lost billions to Bernie Madoff, now in jail for operating the largest Ponzi scheme in history, have failed in their bid to get damages from the custodians of their self-directed IRA investments with Madoff. Read more in the Denver Business Journal here.

Mets Owners Win Review of Madoff Trustee’s $1 Billion Lawsuit

New York Mets owners Fred Wilpon and Saul Katz won the right to a federal judge’s review of a $1 billion lawsuit against them by the trustee liquidating Bernard Madoff’s firm. Read Bloomberg report here.

Related News:U.S. · Law .Madoff Trustee Suits Against ‘Innocent’ Investors to Be Weighed by Judge

A federal judge will consider whether he needs to review lawsuits brought by the trustee liquidating Bernard L. Madoff’s firm to recover funds from investors who didn’t know of Madoff’s fraud when they took their money out. Read more on Bloomberg here.

Picard aims for triple-word score in Madoff case

Irving Picard is aiming for a triple-word score in the Bernard Madoff case. He’s not playing Scrabble, but the trustee for the Ponzi schemer’s victims is trying for treble damages of $59 billion by suing Madoff’s Italian and Austrian banks for racketeering. Though the novel tack raises issues that a judge on June 6 agreed to resolve, Picard has again shown a creative touch in beating the bushes for cash. Read Reuters Blog here.

UBS Loses Bid to Dismiss French Madoff Investors’ Lawsuit

UBS AG (UBSN) lost a bid to have an investor lawsuit related to Bernard Madoff’s role in the bank’s LuxAlpha Sicav-American Selection Fund dismissed when a French court said local investors had a separate claim from the fund’s liquidators. Read Bloomberg report here.

Judge to Vet Madoff Trustee’s $59 Billion UniCredit Suit

U.S. District Judge Jed Rakoff said he will decide if the trustee liquidating Bernard L. Madoff’s firm can use U.S. racketeering law to sue Milan-based UniCredit SpA (UCG) with other banks for $59 billion, in the biggest challenge so far to Irving Picard. Read Bloomberg report here.

Judge eyes racketeering claims in Madoff bank case

A U.S. judge will consider racketeering claims in a massive lawsuit against Italian bank UniCredit seeking money for Bernard Madoff’s victims. Read Reuters report here.

HSBC agrees $62.5 mln Madoff lawsuit settlement

HSBC (HSBA.L) said it agreed to pay $62.5 million to settle a class action brought against it in the United States over its role in providing administrative services to a fund which placed cash with Wall Street swindler Bernard Madoff. Read Reuters report here.

Ex-Madoff Employee Lipkin Pleads Guilty in Ponzi Scheme, Vows Cooperation

Former Bernard Madoff employee Eric Lipkin pleaded guilty to charges that he falsified documents to help carry out the biggest Ponzi scheme in U.S. history. Read Bloomberg report here.

Becker Poliakoff Files Memorandum of Law


– Seeking to move the cases to district court. Click here to read filing.