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ACKERMAN INTRODUCES LEGISLATION TO PROVIDE RELIEF FOR VICTIMS OF BERNARD MADOFF & ALL INVESTORS DEFRAUDED BY PONZI SCHEMES Measure would prohibit clawing back money from victims, provide insurance for indirect investors and credit defrauded investors with the time value of money, among many provisions. (click here to continue reading…) In the scheme of things, the $42 million that the town of Fairfield says it lost in Bernie Madoff’s $20 billion investment swindle may seem like a drop in the bucket. But it’s big bucks for the town, where officials are continuing their fight for it. Read more in the Connecticut Law Tribune here. Representative Gary Ackerman introduces H.R. 1987 – While we have not yet seen the actual bill, it is our understanding that this is a reintroduction of the bill Congressman Ackerman introduced last year, in that it would stop the clawback for direct investors and gives SIPC coverage to some indirect investors. Some changes include a new definition of net equity that includes the time value of money; new negligence language focused solely on negligent registered professional investment advisers; and trustee oversight that includes review of trustee compensation by the bankruptcy judge and annual auditing of the trustee under certain circumstances. Stay tuned here for more to come. To sixth application of Trustee and Baker & Hostetler LLP for allowance of interim compensation for services rendered and reimbursement of expenses incurred from October 1, 2010 through January 31, 2011. Click here for objection filed. Irving Picard, the trustee charged with unwinding the Bernie Madoff fraud – and the lawyer who filed a lawsuit seeking $1 billion from the Mets’ owners – has been a very busy man over the last 30 months. Read more in the NY Daily News here. Bankruptcy court is the wrong place for Bernard Madoff investors to go after JPMorgan Chase for fraud allegations and $6.4 billion, a judge said yesterday. Read more on Forbes Blog here. McMahon rules on defendents’ motion to withdraw the reference from the Bankruptcy court. Click here for Picard vs JPMorgan Court Documents. Irving H. Picard, the Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”), today filed his opposition brief in the United States Bankruptcy Court for the Southern District of New York against the motion by Sterling Equities (“Sterling”), its partners, their family members, and certain related trusts and entities (the “Sterling Defendants”) seeking either the dismissal of the Trustee’s complaint against them or summary judgment. Read Press Release here. A Memorandum of Law of the Securities Investor Protection Corporation in Opposition to Sterling Defendants’ Motion to Dismiss the Amended Complaint was filed May 19th — Click here to read filing. Irving Picard, the court-appointed trustee redistributing pieces of Bernard Madoff’s collapsed Ponzi scheme, expanded Thursday on an allegation in his billion-dollar lawsuit against the owners of the Mets, claiming that Fred Wilpon and Saul Katz went “shopping” for fraud insurance in 2001 and therefore knew Madoff was corrupt, a claim the owners immediately denied. Click here for Daily News report. |
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