Trustee Irving Picard, who is winding down Bernard Madoff's investment firm, wants another opportunity to sue defendants that benefited from his Ponzi scheme after two major district court rulings "substantially altered the legal landscape,” Dow Jones Daily Bankruptcy Review reported today. Picard said that two rulings handed down by the U.S. District Court in Manhattan earlier this year changed the burdens he must meet to recover money from certain institutions that profited from Madoff's fraud. "Given the intervening change in law governing his claims, the trustee respectfully submits that 'justice so requires' granting him leave to replead his complaints," Picard said in papers filed in bankruptcy court on Thursday. He also is asking the court to let him take discovery from certain defendants.
http://bankruptcynews.dowjones.com/Article?an=DJFDBR0120140829ea8tmf5uw…
Don’t miss Irving Picard’s keynote, “Tales from the Madoff Bankruptcy,” at ABI’s 34th Annual Midwestern Bankruptcy Institute on Oct. 16-17 in Kansas City, Mo. Click here to register: http://www.abiworld.org/MW14/index.htm