Victims of the Ponzi schemes of Bernard Madoff and Allen Stanford, two of the largest in U.S. history, suffered setbacks yesterday as the U.S. Supreme Court refused to hear appeals in two cases seeking to recoup more money for them, Reuters reported yesterday. In the Madoff case, the court rejected a request by Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC, to review the dismissal of Picard's claims against banks he accused of enabling Madoff's fraud. Separately, the court rejected a request by Ralph Janvey, a receiver unwinding Stanford's businesses, to review a ruling that blocked him from pursuing claims against Stanford employees on behalf of the receivership's creditors, not the businesses themselves. In both cases, lower courts concluded that Picard and Janvey lacked standing to bring their respective claims. The Supreme Court did not give reasons for its decisions, which leave intact a June 2013 ruling in the Madoff case by the federal appeals court in New York, and an August 2013 ruling in the Stanford case by the federal appeals court in New Orleans.
http://www.reuters.com/article/2014/06/30/usa-court-madoff-stanford-idU…
Madoff Trustee Irving Picard will be providing a keynote titled “Tales from the Madoff Bankruptcy” at ABI’s 34th Annual Midwest Bankruptcy Institute on Oct. 17. For more information or to register, please click here: http://www.abiworld.org/MW14/