2nd Circuit: Madoff Trustee Cannot Sue Banks On Behalf Of Customers

NEW YORK - The Second Circuit U.S. Court of Appeals on June 20 affirmed a district court's ruling that Bernard L. Madoff Investment Securities LLC (BMLIS) trustee Irving H. Picard cannot sue JPMorgan Chase & Co., HSBC Holdings PLC, UBS AG and UniCredit SpA for the banks' alleged role in Madoff's Ponzi scheme, ruling that the trustee does not have standing to bring such claims (In Re: Bernard L. Madoff Investment Securities LLC, Nos. 11-5044, 11-5051, 11-5175, 11-5207, 2nd Cir.; 2013 U.S. App. LEXIS 12551).

Access this news story on lexis.com®