Madoff Customers' Claims Barred By Injunction, Automatic Stay, Judge Rules

NEW YORK - Customers of Bernard L. Madoff Investment Securities LLC (BLMIS) are not entitled to bring a securities class action lawsuit against the estate of a former BLMIS investor that is subject to a $7.2 billion settlement agreement with BLMIS's liquidation trustee because class action claims...

High Court Won't Hear Challenge Of Madoff Trustee's Net Equity Investment Method

WASHINGTON, D.C. - The U.S. Supreme Court on June 25 decided not to hear two separate but related appeals of a Second Circuit U.S. Court of Appeals ruling that the method used by the liquidation trustee of Bernard L. Madoff Investment Securities LLC (BLMIS) to determine net equity for individual claimants...

Bankrupt OSG Seeks Stay Of Securities Class Actions Against Officers, Directors

WILMINGTON, Del. - Bankrupt Overseas Shipholding Group Inc. (OSG) on Jan. 15 filed an adversary complaint in the U.S. Bankruptcy Court for the District of Delaware, seeking a declaration that the automatic stay applies to litigation against its current and former directors and officers (In Re: Overseas...

Judge: Trustee May Use Bankruptcy Code To Avoid Paying Certain Claims

NEW YORK - A federal judge in New York on Feb. 12 ruled that the liquidation trustee for Bernard L. Madoff Investment Securities LLC (BLMIS) may use a portion of the Bankruptcy Code to avoid making customer payments to a number of defendants that are subject to clawback suits for the recovery of funds...