Madoff's trustee can attack the lawsuit against Koch, banks, others – Diaspora

Madoff's trustee can attack the lawsuit against Koch, banks, others

Swindler Bernard Madoff who is accused of passing over a federal satellite court house in New York, US. on 14 January 2009.
(credit image: BRENDAN SMIALOWSKI / AFP)


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February 25 – A federal court of appeal said that the trustee who fired the pressure of Bernard Madoff could ask a lot of her; Legal initiatives received from Koch Industries Inc., under the control of Billionaire, his brothers Charles and David Koch, and other defendants, including large banks.

A Monday decision by the 2nd Court of Appeal An English Course in Manhattan stopped breaking November 2016 by Judge Stuart Bern Bernstein in Manhattan.

It enters the trustee of Irving Picard to add hundreds of millions of dollars to the $ 13.36 billion that he has restrained to customers who bought it; at Bernard L. Madoff Investment Securities LLC.

The trustee is estimated to have lost the $ 17.5 billion buyers in the Madoff fraud, which was opened in December 2008.

Picard had the case of Koch, HSBC Holdings Plc, UBS AG and others in 88 teenagers to find money for the prisoner swindler, but was sent outside the United States.

The legal agreements focused on foreign units that received Madoff money from other foreign traders, including "recruitment funding" which paid client money to Madoff.

Writing for a three-day panel on Monday, court judge Richard Wesley said the date would be; Receiving a certificate as home as the first money came from Madoff.

He commented on, or the need to allow other countries to implement their own laws, and that the US bankruptcy law would not have been successful in working foreigner against legal contracts.

"The conference wanted to settle those requests in the United States, rather than through wonderful world-wide issues," Wesley wrote.

The defenders have given Picard the case to continue "radical expansion of US law access." Their lawyers have not responded to requests for comment at present.

David Sheehan, a lawyer for Picard, said the decision to protect the victims of the Madzi's and Ponzi scheme, and recognizing that the US interest is strong "in order to release With domestic bank estates illegally brought possession.

Sheehan and Picard are the partners of the Baker & Hostetler law firm.

Picard had asked Koch to pay £ 21.53 million to Madfield to Fairfield Sentry, a banner fund based on the British Virgin Islands, and then to the Koch entity in the UK.

The trustee did not do wrong with Koch, a private business based in Wichita, Kansas.

Charles and David Koch have a £ 51.9 billion worth, and are tied as the 10th most richest in the world, Forbes magazine said.

Madoff, 80, is serving 150 years prison term in a central security jail in North Carolina.

The case In relation to: Picard, 2nd Court of Appeal Appeals in Scotland, No. 17-2992.

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